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Connells ‘most successful’ estate agency in UK, its latest results claim

Despite claim based on market share and homes sold, estate agency also reveals reduced profits and house sales down 8% within subdued market.

Nigel Lewis

Connells has claimed to be the most successful estate agency in the UK in terms of profit, number of homes sold and market share within its latest half-year results.

Nevertheless the company has revealed year-on-year pre-tax profits down from £28.9 million last year to £26.2 million this year and house sales that have reduced by 8%, although revenues across all its divisions increased.

Its claim to have the largest market share in the UK comes despite Countrywide also making the same assertion this morning, as well as regular claims by Purplebricks to be the ‘No.1’ estate agency in the UK by market share.

But Connells has not provided any figures for its house sales or market share claims, but says its success is based on the company’s ability to retain the ‘best talent, which has helped it maintain overall turnover at £215 million in the face of a ‘subdued’ market.

David Livesey, Connells, image“We are proud of our ability to respond to challenging market conditions and to have produced such good results showing the strength, resilience and diversification of our business,” says Connells Group CEO David Livesey.

“The immense contribution of our people has again been a key driver in our success.

“Our people remain our biggest differentiator and greatest single asset, and we continue to attract and retain the best talent in the industry. The vast majority of our middle and senior management have been with us for many years and have experienced all types of markets in the past which is, again, proving invaluable.”

July 31, 2019

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