Estate agents in Weston-super-Mare are being hit hard by the current economic downturn with a fourth business closing down.

Chocolate Estate Agents in Worle High Street says it has chosen to close temporarily until the market starts to improve again.

It shut up shop on Friday and placed a double page advert in the Weston and Worle News property section explaining its reasons for closing.

It read: "Due to the economic conditions felt throughout the nation, we have decided to temporarily close our business.

"We will most assuredly reopen when market conditions improve.

"We are writing this article because we want everyone to know that we are choosing to close down.

"We expect rumours such as 'Chocolate have gone under, bust or bankrupt', this is not the case.

"We own other businesses of which have not been as affected due to the economic downturn, all our attention will now be focused to these.

"We take this opportunity to thank all our clients since opening in April 2007.

"We will be back to once again provide you with a quality service.

"Thank you and goodbye."

The Evening Post attempted to contact Chocolate but no one was available for comment.

Chocolate is the fourth estate agent to close in Worle High Street in the past few months as the housing market declines amid falling house prices.

Your Move was the first branch to close after going into administration along with Humberts and since then Haart has closed its Worle Branch.

It now only operates in Weston and in recent weeks Your Move has resurfaced once more online.

In addition, the Frost Partnership, which has traded since 1995, has now also gone online, under the name Buzz Homes.

Buzz director, Brian Frost, says he can foresee more closures occurring in the coming months and believes that other estate agents will follow suit sooner or later.

He said: "I can't see how any other estate agent can stay in business for the next four to five months.

"I can foresee other closures in Worle High Street and in my opinion at least another two will go.

"We believe other agents will come on board with us and by Christmas I think many will come on board and take a licence with us.

"They will be offered exclusive areas and in return we will charge a monthly service fee.

"I do think the market will recover, despite what is said in the media and I predict we will see interest rates cut between one and 1.5 per cent and by June next year, we will sit on a two per cent base rate."

Mr Frost also criticised the rates homeowners are being charged for their Home Information Packs, at £400.

He added: "We charge £199 and I think it is bad business practice to be charging some of the fees we see at £441.

"No one should be making profits by adding to homebuyers' misery.

"If firms are taking £200 in commission, then they should really tell the homeowners involved."