A high profile northern estate agency has sold its lettings portfolio to one of its main rivals prompted by the tenant fees ban and other regulatory and structural challenges facing the rental sector.
20-branch Dacre Son & Hartley has offloaded its 600-strong lettings portfolio to rival Linley & Simpson, which is making a bid to become Yorkshire’s largest estate agency through a series of acquisitions, backed financially by Lloyds Bank.
“The residential letting sector is becoming increasingly specialised amid ever-growing regulatory and compliance changes,” says Patrick McCutcheon (above, right) , Head of Residential at Dacre, Son & Hartley.
“Transferring our rental portfolio to an agency with a dedicated letting specialism, like Linley & Simpson, is a natural step – and our former tenants and landlords will be in trusted hands.”
The 200-year-old estate agency says it will now focus on sales, land and new homes, commercial property and property management.
The deal, which is for an undisclosed sum, was initially proposed three months ago and is the seventh acquisition by Linley & Simpson since March.
It now has 12,000 properties under management across its 22 branches.
“Our branches share the same footprint as those of Dacre, Son & Hartley, so this injection of properties will dovetail seamlessly into our network,” says Linley & Simpson Chief Executive Will Linley (above, left).
“At the end of a challenging year for the country, our confidence in the private rented sector for 2021 and beyond remains strong.
“Other acquisitions are being primed, enabling us to set up in new locations and scale up in existing ones at pace in the New Year.”