Big property firm blames agency’s losses on lack of stock

H&H Group, which operates across auctioneering, property, financial and commercial services in Cumbria, reveals its agency business has moved from profit to loss recently.

estate agency H&H

H&H Group’s Land & Estates estate agency arm in Cumbria has ‘lost its clout’ as a lack of stock stifles sales.

The Group’s brands also include Harrison & Hetherington, H&H Insurance Brokers, H&H Reeds and H&H Auction Rooms.

The group as a whole is performing well and passed its £1.5 million profit barrier in the last year’s trading, hailed by Group Chairman Michael Scott as “a milestone for the company and an excellent result”.

NORMAL

While normality has almost returned throughout the business Scott says that the estate agency division of Land & Estates has taken another hit due to a lack of stock.

The estate agency division has faced a difficult market over the last year.”

“The estate agency division has faced a difficult market over the last year in respect of residential sales although our lettings department continues to thrive.

“Unfortunately, the housing market was not kind to our estate agency business, which suffered as a result of lack of stock. This was a national problem and not just localised to our regions. As a result, this business could not repeat the prior years’ results and has once again slipped into loss making.”

STRONG

But he adds: “The land agency business has continued its strong finish to last year with another increase in both top line turnover and bottom-line profit. The team continues to grow as we develop the breath of our services and look to explore new markets and enhance existing ones and keep pace with the evolving legislation and potential new opportunities.”

STRENGTH TO STRENGTH

H&H Insurance Brokers is also going from strength to strength with results following the upward curve.

Mark JohnsonIn August Mark Johnson joined H&H Land & Estates as managing director with the ambition, “to steer and navigate the trajectory of ongoing business growth whilst further cementing our position as one of the leading surveying, estates and letting agents in the North of England.”

Johnson was approached for comment.


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