This article examines some of the causes and consequences of the recent merger boom and slump in the estate agency market. A case study of the market changes in Plymouth between 1987 and 1992 is presented and contrasted with a recent Tyneside study. It is shown that whilst the merger boom changed the structure of ownership in Plymouth it did not signijicantly affect overall mar- ket concentration as national chains concentrated their take-over strategy on local chains. However, national chains have in- creased their dominance during the recent slump as the result of the exit of many independents from the market.