Belvoir
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Latest property news
Belvoir merger with Martin & Co put to shareholders
Franchise lettings giant Belvoir is to attempt a merger between itself and The Property Franchise Group, owners of Martin & Co, after it today made an official offer to start direct discussions with both TPFG and Belvoir shareholders. Belvoir’s directors believe a merger between the two franchise networks would be in the “best long-term interest of both companies and their respective shareholders”. But Belvoir has gone public with the proposed merger only after the TPFG board rejected its overtures despite having previously shown a willingness to engage on the subject, Belvoir says. The time is ripe for industry consolidation, Belvoir CEO Dorian Gonsalves (pictured left) says, hinting at the difficulties that may be ahead for the lettings sector following the fees ban later this year, and “that a more broadly based multi franchise group will be better positioned to leverage the opportunities in the sector and that the shareholders of the respective companies are looking for such leadership”. The proposed merger would, through a mixture of cash and shares, see TPFG shareholder take a 34.6% stake in a new enlarged group and create a UK property franchise group with 683 outlets and 108,000 tenanted managed properties. TPFG shareholders would receive…
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Agencies & People
Belvoir says ‘little agents’ video attracted two million people via social media
Belvoir, the UK’s largest high street property franchise, says its recent #littleagents video campaign attracted an extra two million visits to its social media accounts. The four-minute video, which was watched 1,900 times on YouTube, featured three young children conducting viewings of properties, and included one hilarious scene where the two bespectacled boys (pictured, right) insist ‘kitchen/diner’ is spelt ‘kitchen/dinner’ on their hand-drawn floorplans. The campaign kicked off in March. Belvoir has launched a follow-up YouTube video following the success of #littleagents, but this time featuring grown-ups, called #MovingMemories. New video Rather than go for comedy, Belvoir this time attempts to pull the heart strings of viewers with a two-minute video of short interviews with home people about how they felt about moving up, down and along the property ladder. This includes a two loved-up and recently-engaged young couples buying their first homes (pictured, left), a mum and dad with two children moving out of a flat into a house and an elderly down-sizing couple. All of them talk about what they most like about their new homes, and – particularly the two first time buying couples – how jealous their friends are. The video is in support of a…
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Latest property news
We need a long-term vision and a housing tsar, says Belvoir
Estate agent franchise group Belvoir has published an open letter to the Prime Minister Theresa May calling for both the appointment of a housing tsar and an ombudsman for tenants. Released today, its Chief Operating Officer Dorian Gonsalves (pictured, right) says the UK needs a cross-party housing tsar to work with industry experts, social housing providers and all housing stake holders to help “create a stable property market with a long-term vision”. Dorian describes new Housing Minister Alok Sharma (pictured, left), MP for Reading West, as “Britain’s sixth since the Tories came into power in 2010” and that on average they only stay in post for 12 months. “I believe that the appointment of a housing tsar, who could work with industry experts and politicians from all parties, and then make recommendations to the new Housing Minister, would be an effective way of increasing market stability, and would be extremely beneficial for the housing industry,” he says. Leave landlords alone Gonsalves says Belvoir has been calling for the current government to encourage rather the alienate landlords, who he says are best placed to provide the extra rented homes “the UK so badly needs”. “It is no longer acceptable to use…
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Latest property news
Mandatory three-year tenancies questioned by leading lettings agent
The UK’s largest lettings agency Belvoir has set itself against all the mainstream political party manifestos and the Association of Residential Letting Agents (ARLA) by questioning the need for mandatory three-year tenancies. The Conservative Party seeks to “encourage landlords to offer longer tenancies as standard” while Labour goes much further, saying it will “make three-year tenancies the norm with an inflation cap on rent rises”. The Liberal Democrats advocate “longer tenancies of three years or more with an inflation-linked annual rent increase built in to give tenants security”. But Belvoir’s latest lettings index shows that 43% of tenants who rent through its branches stay for between 13-18 months, 29% for between 19-24 months and only 18.2% for more than two years. ‘Question the need’ “Looking at the manifestos of all political parties it would seem that all are looking to introduce three-year mandatory tenancy agreements although [our] figures question the need for this as our tenants can already rent with confidence, and most opt to leave when they wish to do so,” Belvoir says. But not all landlords agree with Belvoir’s point of view. As we reported last week, one of London’s largest Build to Rent landlords recently scrapped deposits…
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Housing Market
Govt lettings squeeze drives up rents as landlords exit
The number of properties available to rent has fallen and prices are rising as the government’s recent Stamp Duty and tax allowance changes take their toll on the the lettings market, says franchise giant Belvoir. “Belvoir’s Q1 rental index, which is prepared for us by property expert Kate Faulkner, has identified some interesting trends, which we believe are a direct result of recent changes to BTL legislation,” says Belvoir’s Chief Operating Officer, Dorian Gonsalves. This includes that the number of landlords bringing between six and ten properties to the market has declined while the number of landlords bringing up to three properties to market remained static. Dorian says the reasons for this include additional Stamp Duty for buy-to-let property buyers and the radical changes to the way mortgage interest tax relief is calculated, which has reduced or cancelled out profits for many landlords. Lettings To counter these measures, Belvoir says, landlords are seeking the highest rental prices for their properties and driving up rents across the UK which have risen year-on-year by 5.75%. “Since 2008 [when Belvoir began its index] rents have moved broadly in line with wages and large movements over and above +/-5% rarely happen,” says Belvoir’s Chief…
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Agencies & People
Belvoir results reveal 19% revenue boost from Northwood purchase
Latest financial results from Belvoir, the UK’s largest franchise network, reveal that its recent acquisition of rival Northwood helped it boost group revenue by 19% during the first quarter of its financial year. Revenue from its franchise fees increased by 5% including an 8% rise in lettings fees but a drop in sales fees of 4% when compared to the same period last year. This, the company says, was caused mainly by the rush by investors and prime property owners to complete before last year’s Stamp Duty tax deadlines. Newton Fallowell This year-on-year reduction was more pronounce within its 31-branch East of England brand Newton Fallowell where the sales fall-off was 13%. But for investors, the galloping speed at which the Belvoir group is growing overall helped mitigate these sales reductions – Belvoir says its growth in sales was 33% as its rolls out sales across the UK. Revenue at Belvoir increased by £700,000 driven mainly by the Northwood acquisition although the franchising of six formerly corporate-owned offices has cost £200,000. “The Group has seen a healthy start to 201,” says Chairman and CEO Mike Goddard. “The Board has been working closely with franchisees providing the support they need to…
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Latest property news
Belvoir reported for ‘misleading’ tenant fees
Belvoir, one of the UK’s largest agency franchise operators, has been reported to the Advertising Standards Authority (ASA) by a prospective tenant for not displaying its fees fully. The member of the pubic complained about the ‘tenant fees’ section of the company’s website, which they said did not include full details of the extra inventory fees and check-out fees it charges tenants, and that therefore it was misleading. “We contacted the advertiser who agreed to add the missing fees,” the ASA says. It is not clear whether the ASA received a complaint about the company’s main national site or one of the individual branch fee pages. Prospective tenants But many of the company’s franchisees now run copy warning prospective tenants that “due to the recent ASA ruling regarding tenant fees, please find below a full list of charges which may apply to a tenant by Belvoir”. These include its Newcastle Central, Wigan, Wellingborough, Wirral, Birmingham Central, Coventry Central, Camberley, London Central, Sleaford, Harrogate and Portsmouth branches. Belvoir has 150 branches across the UK including a head office in Grantham, where the business was started in 1995. The company also acquired rival Northwood, at the time the largest remaining independent lettings…
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Latest property news
Belvoir franchisee buys Belvoir corporate branch
Belvoir Lettings plc has sold its Burton corporate owned office to an adjacent Belvoir franchisee which operates in Hinkley, Nuneaton and Tamworth.
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Latest property news
Belvoir’s first acquisition of 2017
Steve Slawson of Belvoir Hereford has successfully completed the acquisition of the principal assets of Williams Estate Agents (Hereford) Ltd.
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Latest property news
Franchisees win a £15k car before even opening their Belvoir branch
A couple from South West London who are about to start-up a franchised branch of Belvoir on their local high street have received an unexpected boost to their fledgling business. Chantelle Harris, who has a background in sales but not property, along with her ex-London cabbie partner Darren O’Reilly, won a £15,000 branded Belvoir Mini at the franchise giant’s recent awards bash at a stately home in Oxfordshire (see above). The celebrity compere for the night, comedian Giles Brandreth, tweeted the moment when an incredulous Chantelle came on to the stage to pick up the prize (see below). First venture The couple’s first venture in property, a franchised branch in Bromley, is due to open next weekend in time for Easter and follows almost a year of training for the couple. “Previous experience in property management is not necessary, as Belvoir provides first class training for new franchise owners, and our franchise support team works extremely hard to ensure that they succeed,” says Dorian Gonsalves, Belvoir’s Managing Director. “Belvoir franchise owners now have the option to launch a sales service, as well as lettings, and this is proving to be very popular with vendors, including existing landlords who wish to…
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