The Property Franchise Group CEO Gareth Samples believes his company will thrive and the housing market will not suffer a slump in 2023.

Talking to The Neg after TPFG published its first half results, he said: “We are pretty confident that it [a million plus transactions] will come forward next year.”

Samples points to the most recent Savills housing market report suggesting more than 1.2 million property sales this year as evidence that the market is strong, even after a fall from 1.6 million in 2021.

He describes the TPFG franchise business model, the UK’s largest property franchisor, as well-built to cope with a changing market.

“The robustness and resilience of a franchise business probably trumps any other in a more challenging marketplace,” he says.

David Raggett, TPFG CFO, says: “They [franchise networks] are well-connected in their local area, and that’s where their strength comes from.”

Buy to let bombshell

The company is planning to acquire or build its own buy-to-let business in the next 12 months, Samples says, and “a big priority” is to help its franchisees purchase more lettings books.

TPFG, which operates multiple brands including Hunters, Ewemove and Martin & Co, revealed yesterday that revenue in the first six months increased 18% to £13.1 million.

Profit before tax was up 9% to £3.8 million and management service fees increased 5% to £7.5m. The group also said its adjusted EBITDA increased 8% to £5.7m.

The company revealed in February that it was the second largest high street estate agency in the UK after Connells/Countrywide, operating 597 branches, helped by its fast-growing hybrid operation Ewemove and the recent purchase of Hunters.

Last month, TPFG reported increased revenues, but a slowdown in the number of franchises being sold at Ewemove.

The group also revealed bumper results for 2021 including group revenue up by 119%.