An estate agent announced the closure of two branches today, blaming the decision on the credit crunch.

Darlows is shutting the South Wales branches on Monday, and a third is being downsized. Decisions on redundancies are now being considered.

A spokeswoman for the estate agent, part of the Spicerhaart group, said: "The Darlows estate agency has made the difficult decision to close its Llanelli and Neath branches as a result of poor trading conditions due to the credit crunch.

"A total of eight staff are affected and discussions are under way concerning redundancy and redeployment.

"Two sales staff from its Swansea branch are set to be redeployed but its lettings operation will remain open and is set to expand.'' A further branch in Whitchurch, Cardiff, is understood to be under review, but no other offices are affected.

According to its website, Darlows is an independently-owned estate agency with more than 250 branches across southern England, the Midlands and Wales.

The announcement was made as the Royal Institution of Chartered Surveyors (RICS) revealed house prices in Wales have fallen for the 10th consecutive month, and at the fastest pace ever recorded.

The RICS Housing Market Survey found that 75% of chartered surveyors in Wales reported a fall in house prices. A spokesman said surveyor confidence in Wales's price outlook is now at the lowest level in the survey's history.

Cathy McLean, director of RICS Wales, said: "The slowdown in Welsh house prices is directly attributable to a lack of available finance which has hit demand.

"However, unless new supply increases dramatically a significant crash remains unlikely.

"The next six months will be a crucial period for homeowners, but would-be buyers with larger deposits are likely to see this market as an opportunity to acquire property in areas to which they could not previously aspire to as recently as the end of 2007.''