David Livesey
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Latest property news
Connells reveals shaky first half of 2018 but launches sales progression tool for all
Estate agency giant Connells saw profits drop during the first half of 2018 but invested in a new online sales progression tool.
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Latest property news
OnTheMarket wins claim against Gascoigne Halman in long-awaited tribunal decision
OnTheMarket has won the Competition Appeal Tribunal case it brought against Gascoigne Halman after the agent, following its acquisition in October 2015 by Connells, refused to abide by OnTheMarket’s ‘one other portal rule’. After the ruling OnTheMarket Chief Executive Ian Springett (pictured, below) accused Zoopla of funding the action, and also said that he intended to recoup legal and other court costs from Gascoigne Halman, particularly so because “the manner in which our opponents conducted the case has caused us to divert considerable resources and management time”. Gascoigne Halman said during the hearings that its contract with OnTheMarket was in effect void because what it believed are restrictive clauses within it were in breach of Section 2 of the Competition Act 1988. These include the ‘one other portal rule’ which requires participating agents to only use two property portals, the ‘bricks and mortar rule’ prohibiting online agents from joining OnTheMarket, and the ‘exclusive promotion rule’ that prevents agents from promoting their membership of Rightmove or Zoopla. The legal process was triggered when Gascoigne Halman listed its properties on all three property portals in defiance of OnTheMarket. OnThemarket subsequently sought a judgement on the matter through the tribunal system to prove…
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Connells eyes further expansion
The Connells Group is on course for what could be a record year in 2016 after seeing pre-tax profits increase sharply last year. The company, which this year celebrates its 80th anniversary and operates almost 550 branches nationwide, said all parts of the business “delivered a strong performance” last year. Connells posted pre-tax profits of £62.5 million for the year ended 31 December 2015, up 19 per cent year-on-year and an increase of 72 per cent over the last three years. But it is currently not known what the revenue figures for the year was as the Group did not disclose the data. David Livesey (left), Chief Executive at Connells, described 2015 as “another stunning year” for the Group, with all parts of the business delivering “a strong performance”. He commented, “The housing market has not been without its challenges, characterised by lack of stock, so to end the year with strong profits and having sold more properties than 2014 and 2013 is a tremendous achievement. “We remain at the forefront of our profession and to maintain this position we made further significant investments into the business in 2015.” Last year, the company ploughed £25 million into branch refurbishments, acquisitions,…
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