Spicerhaart reveals profits surge but grumbles about slow conveyancers

Profits at the owner of haart and six other agencies jumped by 21% last year but slowed in second half as sales progression slowed.

smith spicerhaart

The company behind seven leading UK estate agency brands has reported a 21% jump in profits.

Spicerhaart, which is led by CEO Paul Smith (main picture) operates national estate agency Haart along with regional firms Felicity J Lord, Chewton Rose, Darlows, Haybrook, John Butters Bee and Howards.

It has also been extremely busy expanding its ‘hybrid’ offering and says it has spent ‘millions’ in growing this network, it says, including a big recruitment spree.

Its results for 2021 pin the surge in profits on last year’s post-Covid housing boom, which helped push up gross turnover from £115.5m to £139.6m.

Conveyancing problems

Turnover in its estate agency division increased by 31% from £39.1m to £51.0m, although the second half of the year was slower, made worse by the industry-wide conveyancing capacity issues resulting in it taking longer to get sales and mortgages through.

Financial services increased by 29% from £31.6m to £40.8m – thanks in part to the increase in transactions but also to the growth in advisor numbers.

The company’s investment in Land and New Homes in recent years and continued growth in the pipeline of contracted developments delivered a 21% increase in turnover, from £3.0m to £3.7m.

Lettings growth was slower, up just 4% from £29.8m to £30.9m, largely driven by the growth in tenancies under management.  

The remaining areas of Spicerhaart increased from £12.0m to £13.2m with surveying income increasing by 13%, reflecting the increased volumes delivered in a buoyant market.

Smith says: “Having spent the last two years operating in an unprecedented environment, our employees have shown, and continue to show, a passion and commitment to our company which is hugely important as we progress on our strategic journey.

“On behalf of the Board, I would like to thank all our staff for their hard work, flexible approach during challenging times and continued commitment to client service.”


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