Franchised estate agent Belvoir has somewhat cheekily suggested that struggling sales and letting agents worried about the tenants fee ban should join its network, as it reports a good first half of 2018.
The company also says it estimates that the industry, which by Rightmove figures is 20,000 strong, now only includes 10,000 independent agents.
Belvoir, which claims to be the largest franchised agent brand in the UK, says it has added 3,000 properties to its management total and £3 million in additional turnover within the group, which currently has over 300 branches across the UK.
It claims this expansion is driven largely by ten agents joining its ranks so far this year, more than signed up during the whole of 2017.
Belvoir Group CEO Dorian Gonsalves (pictured) says this is being driven by more of the UK’s independent agents throwing in the towel and either selling up or joining a franchised network.
“There are 13 million people renting properties in the UK, with 4.5 million households and the sector continues to grow,” he says.
“I have already forecast that there will be continued growth over the next five years, and at the same time the number of lettings and estate agencies will undoubtedly fall, partially because of changes in legislation, plus the tenant fee ban that is on the horizon for 2019.
“Belvoir has developed a readymade exit strategy for any agent who may find themselves struggling, or who simply decides that the time is right for them to sell.
“Our innovative Assisted Acquisition Programme and our dedicated Acquisition Team enables Belvoir franchisees to buy up these businesses, integrate them into their own business, and then go on to look for the next opportunity.”