Hybrid estate agency Ewemove outperformed its traditional counterparts within The Property Franchise Group (TPFG) following the re-opening of the housing market, the group’s latest results for the first six months of the year reveal.
During July Ewemove’s sales agreed increased by 28% to 519 and sales listings stormed up by 36% to 728, a record for the seven-year-old agency.
This compares with its traditional counterparts within TPFG, who include Martin & Co, Ellis & Co, CJ Hole, Parkers and Whitegates.
They reported a 25% increase in sales agreed during July, some 3% lower than their hybrid counterpart.
Although overall TPFG weathered the Covid lockdown comfortably, the standstill in market activity during March, April and May kept revenues at £5.4 million, halted rises in profits which remained at £2 million, and lowered its revenues from franchisees by £200,000 to £4.2 million.
But the company’s network took on a further 2,000 managed properties during the first six months of the year, taking the total to 58,000.
“Whilst the first half of this year was unlike any other, I am delighted with the resilience our business has shown and the first-rate performance of our franchisees who responded decisively and navigated well through the unprecedented environment,” says TPFG CEO Gareth Samples (left).
“Despite nearly two months of the first half spent operating under severe restrictions, and impacted by the tenant fee ban which came into force on 1 June 2019, we have demonstrated the true strength of our business model.”