Shares in Winkworth jumped by nearly 13% yesterday on the London Stock Exchange following the publication of its results for 2019.
Although the firm admitted that last year was a ‘difficult period’ for its franchisees across London and the South of England, City investors hoovered up its stock, pushing the Winkworth share price from £1.41p to £1.50 in a matter of minutes following its full-year trading results.
The highlight of these were increased market share which in London rose from 3.6% in 2018 to 4.2% last year putting it in second place for SSTC and in fifth place for new listings with just over 3% of the market.
The company wouldn’t tell The Negotiator who the No.1 in London was ahead of its SSTC performance but looking at Rightmove data, it’s most likely to be Savills.
Both companies are operating in a very soft market; Winkworth says prices within prime central London are up to 20% lower than the 2014 peak and 10-15% down in outer London.
But its branches outside London have seen a recent uptick in transactions as the Brexit logjam appeared to shift during the run up to the General Election.
“Our professional network and robust model have led to further gains in market share and we look forward to welcoming new operators,” says Dominic Agace (left), CEO of Winkworth
“At the start of 2020, new applications for both sales and lettings have risen sharply and, with borrowing rates remaining low and a more visible political agenda, we anticipate that these will translate into increased activity in coming months.”