A leading London estate agency has claimed that the capital’s sales market will ‘unlock’ once Brexit is over although the ongoing political instability saw sales revenues at Winkworth decrease by 6% over the past year, its latest results for 2018 reveal.
Despite this Winkworth claims to have outperformed its rivals within the mid-to-upper sales markets, and that it is the second busiest agency for exchanges and third largest for sales listings.
The franchised-based company’s revenues from its network increased by 1% to £46.5 million last year despite an 8% increase in lettings revenue across its national network, and a 10% rise in lettings income within London’s suburbs.
Winkworth has revealed several initiatives including significant spend on digital marketing to drive traffic to its website, the roll-out of a new sales platform, and the establishment of corporate relocation and clients services teams to drive tenant and landlord leads to franchisees.
The company is also investing in tech, and also plans to develop a new lettings platform.
“We are pleased with our results for 2018, achieved in a sales market which remains testing,” says CEO Dominic Agace (left). “A weaker outcome in sales was compensated for by ongoing growth in our very successful rentals business, which now accounts for half of group revenues.”
The company has opened six branches over the past year and saw a further six existing ones bought by new management. Difficult market conditions also appear to be driving more independents into the arms of franchisees; Winkworth says new franchising applicants increased by 78% last year.
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