winkworth

  • Latest property news
    Latest property news

    Winkworth reports sales down 18% as market difficulties bite

    The difficulties of the property market in prime London and its suburbs and commuter towns have been laid by bare by the latest results from franchised network Winkworth. Its head office operation has reported its network’s gross revenues for the first half of the year down by 9% year-on-year to £21.4m, sales down 18% to £11.7m and lettings down 2% to £6m. The bright spots of the figures are property management  revenues, which increased by 15% to £3.7 million, and the central London market where the weak pound has driven increased investment in property by overseas investors. “Prices have remained steady in the more domestically-focused outer London markets, supported by low interest rates and high employment, but affordability issues continue to affect transactions,” says Dominic Agace, Chief Executive Officer of Winkworth (pictured, left). The company also says the strength of its brand is more than a logo, and that despite soft transactions and reducing prices in many areas of London and beyond, Winkworth-sold properties achieved average prices 2% higher during the first six months of the year, compared to the same period last year. “With the sales market subdued, our investment in the lettings and management side of the business…

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  • Latest property news
    Latest property news

    What retirement? Michael Stoop rejoins Winkworth after 25 years

    Veteran industry franchising heavyweight Michael Stoop (pictured, below) has re-joined Winkworth as a consultant 25 years after he left the company. Michael started at Winkworth in 1976 but just five years later was the first person to open a franchised Winkworth office, at a branch in Parsons Green, central London. He then sold it on to a new Winkworth franchisee in 1988, having earlier been made Managing Director of the company. Four years later in 1992 he left Winkworth to join Xperience, the franchising division of Legal & General, where he worked for 22 years before joining Martin & Co as Group Managing Director in 2014, after it bought Xperience for £6 million and then rebranded as The Property Franchise Group. This new group company then brought together Martin & Co as well as the brands Michael brought with him including Ellis & Co, CJ Hole, Parkers and Whitegates, under one umbrella. Last year The Property Franchise Group added online-only agency Ewemove to its portfolio in a deal worth £15m. But in August last year Michael retired from The Property Franchise Group and set up Michael Stoop Property Services with a member of his family, which at Companies House is…

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  • Latest property news
    Latest property news

    Estate agents must do more to stop mortgage fraud, warns senior legal expert

    Estate agents need to do more to prevent mortgage fraud by being more aware of the riskiest properties and transactions, and having a better understanding of the anti-money laundering (AML) regulations, leading property lawyer Peter Rodd has told The Negotiator. Peter, who is a Council member of The Law Society and works for Kent legal firm Boys & Maughan, says too few agents fully understand their anti-money laundering (AML) obligations and that if they did, being one of the best-placed stakeholders in the conveyancing process, this in turn would help reduced the number of mortgage fraud cases. “If estate agents were more aware of what signifies a high-risk transaction – i.e. high value, unencumbered, empty or tenanted properties particularly where the seller is looking for a quick sale and prepared to accept a discounted price for the property, then we might be in a better place,” says Peter. “Good knowledge of the AML regulations plays a part in preventing fraud, so estate agencies ought to be trying to do their basic AML checks properly, or some extra ones, and although it’s not going to be a foolproof solution, if the various stakeholders work together better to share information then it…

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  • Latest property news
    Latest property news

    Winkworth returns to franchise expansion in 2017 with six new branches

    Winkworth is back on the franchise network expansion path after a two-year hiatus, the company has revealed with at least six opening this year. This includes one already open for business, two to start up over the next fortnight and a further three to open later in the year including several in South West London. These openings include an existing franchisee from Sway in Hampshire who is preparing to set up shop in Milford-on-Sea, while an existing 22-year-old business in Kingsbury, North London is converting to Winkworth, and due to open next week as well. Also, the company says it youngest franchisee – at 27-year-old – is about to open up shop in Cheltenham after spending several years working at its Dulwich, South London branch. He is Tom Mayfield (pictured, left), who before joining Winkworth worked for Carter Jonas. “We have been concentrating on portfolio management as franchisees retire, and we’ve been dealing with that by selling both within the network, but also outside it,” says business affairs manager Gina Piper. Franchise manager “But now we’ve also hired a new franchise manager, James Campbell (pictured, right), who has a strong lettings background.” Gina says Winkworth has seen increasing share of its revenues…

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  • Movers & ShakersAndrew Nicol image
    Movers & Shakers

    Winkworth’s new CFO

    Winkworth has announced the appointment of Andrew Nicol as Chief Financial Officer and member of the Board.

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  • Agencies & PeopleStock Market image
    Agencies & People

    Stock options

    Buy, sell, hold? Overperforming, underperforming – what does it mean when Rightmove shares go up, or Barratt falls out of bed?

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  • Latest property newsBelvoir celebrating 20 years image
    Latest property news

    Profits, profits, profits!

    Belvoir Lettings PLC announced its Preliminary Results for the year ended 31 December 2015. Group revenue was up 19% to £6.9m (2014: £5.9m); Growth in Management Service Fees (MSF) was 25% to £4.0m (2014: £3.2m), consisting of 12.5% (2014: 11%) from the organic growth of the Belvoir network and 12.5% from the mid-year network acquisitions and revenue from property sales up 60% to £1.4m (2014: £0.8m) Mike Goddard (left), CEO, said, “2015 was a pivotal year for Belvoir. The Company commenced its strategic vision of a multi-brand operation with the acquisitions of Newton Fallowell and Goodchilds.  As a result of these new networks and seven new Belvoir territories, our UK coverage has increased by 31% to 212 outlets and adjusted profit before tax is up 36% to £2.4m. The Board appreciated the support of our shareholders in funding the mid-year acquisitions and I am confident that the coming year will see the full impact of our successful multi-brand strategy as the new brands become further incorporated into the Group.” Winkworth revenues rose 6.7% to £5.87 million on franchisee turnover of £49.0 million; Profit before taxation down 1% to £1.91 million; Ordinary dividends payable up 10.2% to 6.5p per ordinary share;…

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  • Agencies & People
    Agencies & People

    How well to estate agent franchises perform?

    Andrea Kirkby checks out the financials for property’s leading estate agents franchises.

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  • Agencies & PeopleFranchising opportunities image
    Agencies & People

    Short cuts to success

    Sheila Manchester explores the opportunities presented by franchises and similar business models.

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  • Agencies & Peoplebig wheels turning image
    Agencies & People

    Big wheels keep on turning

    Andrea Kirkby investigates corporate strategy in a difficult market.

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