Estate agency giant the Belvoir Group has reported the strongest market for property sales since 2007 within its latest trading update, which covers the first ten months of the year.
Profits from its sales activities increased by 29% while its lettings activities saw income increase by 21% on the back of ‘unprecedented demand for rental properties’ with rents increasing in all areas of the UK, as well as the acquisition of Nicholas Humphreys for £4 million, a predominantly student lettings network
It also spent £600,000 earlier this year buying the mortgage broking operation of the Nottingham Building Society.
Its relatively new financial services division, which contributes just 18% of the franchised estate agency giant’s gross profit, saw strong growth with profits up by 39%.
This was helped both by the booming sales market this year but also because Belvoir’s network of mortgage advisers increased by 21% from 202 at the start of the year to 245 by the end of October.
Belvoir Group, which has 467 franchised branches across the UK via six brands, says its substantial sales pipeline suggests its full-year results are likely to be equally buoyant.
“In 2021 we have seen our franchisees and mortgage advisers take advantage of an exceptionally strong sales market,” says CEO Dorian Gonsalves (pictured).
“The sector benefitted hugely from the Government’s decision to extend the stamp duty holiday until September 2021, following which we have seen a predictable slowing in the number of new instructions as the market normalises.
“We anticipate that given the ongoing pent-up demand from buyers, the market will return to more usual transaction levels in 2022. In the meantime, our current pipelines remain strong and support outperforming our end of year forecasts.”