Skipton Group's latest statement to shareholders has delivered a sobering verdict on the state of Britain's estate agency sector: Connells Group, the mutual's wholly owned property services arm and the largest estate agency network in the UK, has seen profits collapse by more than 90%. For an organisation that operates upwards of 600 branches under brands including Connells, Countrywide, Hamptons and William H Brown, and which handles a substantial share of residential sales, lettings and mortgage advice transactions nationally, this is not a marginal wobble. It is a structural warning shot for anyone with exposure to the UK property services industry.