Agencies & People
News covering the businesses, activities, people and personalities in estate agency and letting agency and wider residential property industry.
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LetCo buys Top-Let
Lettings specialist LetCo has doubled in size, increasing its reach throughout the Solent region, by acquiring Portsmouth -based company Top-Let.
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Hunters reports profits up by 46 per cent
First set of results as a public company show impressive growth.
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Hunters expands in central London
Hunters continues its expansion in central London with a new branch in Willesden Green, joining successful offices in West Hampstead, Harrow and Harrow on the Hill. Glynis Frew, Managing Director of Hunters Property Plc said, “We are delighted to see our continued expansion in London and welcome Franchise Owner Shahzad and his team to the Hunters network. We already have a strong presence across the capital and plan to widen our reach further throughout 2016.” Shahzad has lived in the area for 35 years, he says, “When I decided to open my own estate agency franchise, I wanted to do this with the support and reputation of one of the nation’s most recognised and trusted brands.” “We are seeing a real mix of buyers in Willesden Green, including inner city dwellers moving further out and people looking to live closer to central London. Trendy new bistros, bars and shops are beginning to appear along the high street, adding to the already vibrant atmosphere developing in the area.”
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Agency Summer Festival announced
Julian O’Dell (left), known and admired by countless estate agency businesses for his training and business development skills, has announced the date of his latest fundraising event in aid of Macmillan Cancer Support. “After months of planning, deliberation and research, Cat and I can finally confirm the details of Catfest 16. The date (as many of you know) is Sunday 28th August, start time 2pm. The event will run onto midnight and probably beyond. “It will be held in our garden as last year in a festival setting. Seven acts are confirmed and include rising star Daisy Bell, the fantastic Danni Nicholls (recently seen at Salford Village Hall, on Vintage TV and supporting Toyah in London) and the brilliant Balsamo Deighton (comprising two extraordinary singer/songwriters in Steve Balsamo, arguably the best ever Jesus in the West End’s Jesus Christ Superstar, and Rosalie Deighton, whose wistful vocals are simply beautiful). Add into the mix Catfest 15’s returning star turns Straw Bear and Fred’s House plus a couple of other great bands – The Alice Band and Simply Wed – and you know you’re in for a musical treat from start to finish. There will be a wonderful selection of festival food…
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Sell your home for £1????
The average estate agency fee for selling a London home now stands at almost £9,400, according to Portico London Estate Agents, as it launches #sell4apound. Every home-seller instructing Portico as sole agent during April was entered into a prize-draw giving them a strong chance to save thousands and thousands of pounds, with the Portico fee reduced to just £1. Londoners now have to find an average £9,000 in estate agent fees to sell their London home. This is 31 times more than in the mid-Seventies when the average fee was around £298. By 1985, the figure had more than doubled to £886 and by 2005, Londoners were paying around £5,650 to estate agents to sell their home and. In 2015, this had increased 66 per cent to £9,389. Robert Nichols, Managing Director, Portico.com, said, “Clearly, selling a home is more expensive than ever. The opportunity to save thousands of pounds on estate agent fees will appeal to Londoners and we’re really pleased to offer this as we celebrate our first birthday.” Portico is also celebrating by the launch of a fixed-fee service for home sales. Every property that’s instructed between 1 April and 30 September that’s valued over £1 million…
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Profits, profits, profits!
Belvoir Lettings PLC announced its Preliminary Results for the year ended 31 December 2015. Group revenue was up 19% to £6.9m (2014: £5.9m); Growth in Management Service Fees (MSF) was 25% to £4.0m (2014: £3.2m), consisting of 12.5% (2014: 11%) from the organic growth of the Belvoir network and 12.5% from the mid-year network acquisitions and revenue from property sales up 60% to £1.4m (2014: £0.8m) Mike Goddard (left), CEO, said, “2015 was a pivotal year for Belvoir. The Company commenced its strategic vision of a multi-brand operation with the acquisitions of Newton Fallowell and Goodchilds. As a result of these new networks and seven new Belvoir territories, our UK coverage has increased by 31% to 212 outlets and adjusted profit before tax is up 36% to £2.4m. The Board appreciated the support of our shareholders in funding the mid-year acquisitions and I am confident that the coming year will see the full impact of our successful multi-brand strategy as the new brands become further incorporated into the Group.” Winkworth revenues rose 6.7% to £5.87 million on franchisee turnover of £49.0 million; Profit before taxation down 1% to £1.91 million; Ordinary dividends payable up 10.2% to 6.5p per ordinary share;…
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Acquisitions and departures
Hamptons International has snapped up Patterson Bowe property and lettings agency operating in Knightsbridge, Kensington and Chelsea. Established over 25 years ago, the central London based independent agency has built a reputation as one of the most successful Lettings Partnerships in the heart of the capital, and it is the strength of the firm’s lettings portfolio and the combined specialist client service offered by its staff that ultimately appealed to Hamptons International, according to Lesley Cairns, the company’s Head of Lettings. Cairns said, “We are delighted to have acquired Patterson Bowe; one of Prime London’s most esteemed Lettings agencies. Through organic and acquisitive growth, the lettings division at Hamptons International has doubled in size over the past eight years and today’s acquisition reflects the company’s strategic plan to further expand its market share. “We are very much looking forward to welcoming staff and customers of Patterson Bowe into our organisation, who as new employees and clients of Hamptons International will have access to a wealth of benefits and opportunities that come with being part of a large network.” All members of staff at Patterson Bowe have already joined Hamptons International’s Knightsbridge branch. Directors of the agency, Stuart Patterson and Allister…
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Property franchises broaden their horizons
The Property Franchise Group has teamed up with Legal & General and London & Country to offer their customers mortgages across the whole of the market. The Property Franchise Group, the UK’s largest property franchisor with 287 offices nationwide trading under various brand names including Martin & Co, Whitegates, CJ Hole, Parkers and Ellis & Co, hope that the new financial services arm will help to significantly boost company profits. London & Country, the UK’s largest fee free mortgage broker with a 3 per cent market share, expect to arrange in the region of £9 billion worth of mortgages and process 43,000 applications this year, of which 20 per cent are buy-to-let. Phillip Cartwright, Managing Director of London & Country, commented, “Our partnership with The Property Franchise Group is mutually beneficial and we are delighted to be associated with the UK’s largest property franchisor. They have one of the biggest client bases in the sector and we are looking forward to helping their customers take advantage of our award winning, fee free service.” The new financial service offered by The Property Franchise Group will be available via telephone and online. “We chose telephone and web fulfilment because people are busy…
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Leaders join forces with Romans
Leading letting agents Romans and Leaders have merged to create one of the largest property services providers in the UK, with more than 40,000 properties under management. The groups, which have branches in London and across the South East, East Anglia, the Midlands and the North West, have joined forces in an attempt to capitalise on the growing private rental sector. The new collaboration between Leaders, which has 118 branches, and Romans, which has 27 branches, to form Property Services Holdings, will lead to combined revenues of around £100 million. The agents are being merged by Bowmark Capital, the private equity firm, which backed the management buyouts of Leaders in 2010 and Romans in 2013. Mark Salter, a Partner at Bowmark Capital, commented, “Leaders and Romans are outstanding businesses in their own right, and both have delivered impressive profit growth under Bowmark’s ownership. “Bringing them together creates a leading lettings-focused property services group that is greater than the sum of the parts, and is perfectly positioned to capitalise on the positive market conditions.” ICG has provided a substantial senior debt facility to support the merger of the two brands, which will continue to operate autonomously, and has committed a further…
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The Negotiator wins at LSL Property Press Awards
The Negotiator magazine was recognised as the leading residential estate agency magazine at the LSL Property Press Awards 2016, beating all other residential agency entrants. The Negotiator magazine won the Bronze Award in the category: Property Trade Magazine of the Year, beaten only by Showhouse, a magazine for housebuilders and property developers, and Estates Gazette, which focuses on commercial property. In a second victory, The Negotiator’s Deputy Editor, Marc Da Silva, won the Bronze Award for Property Trade Magazine Journalist of the Year, beating a number of very well known journalists. The awards were presented on Monday 21st March at a champagne reception, hosted in London by Dame Joan Bakewell. Over 45 renowned property industry experts across a range of sectors judged the awards, choosing just 18 winners from over 160 entries. Property Supplement of the Year was awarded to Helen Davies, editor of the Sunday Times Home, while Overall Property Journalist of the Year was won by Carol Lewis, commissioning editor at The Times. The Lifetime Achievement award was presented to freelance journalist Caroline McGhie. Ian Crabb, CEO at LSL Property Services, commented: “Now in their 6th year, the LSL Property Press Awards recognise all of the stars working…
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