Property group experiencing strong rental market
The country’s largest property franchiser said it is experiencing a significantly stronger residential housing market.
Bournemouth firm The Property Franchise Group has published its interim results.
Performance in the first half of the year was in line with management’s expectations. The performance was driven by the group’s lettings heritage and the continued focus on growing revenues.
In the period group revenue increased by one per cent to £13.2m.
At the same time the sales’ agreed pipeline decreased 16 per cent to £28.4m while lettings continued to perform strongly, achieving 12 per cent growth.
The growth in lettings more than offset the reduction in sale over the same period as the residential sales market continued to adjust to the uncertainty regarding inflation, interest rates and house prices.
Sustained demand for lettings properties, growth in the portfolio of managed properties and rental inflation meant lettings continued to be a growing and highly resilient revenue stream for the group,
Chief executive Gareth Samples said: “We are pleased with our performance in the first half of 2023. The benefits of operating a focused franchise model with multiple income streams are reflected in these results, as we continue to demonstrate considerable resilience in the face of an uncertain macro-economic backdrop.
“Whilst the board expects the macro-economic uncertainty to continue, it is confident that trading remains in line with expectations for the full year.”
The Property Franchise Group is the largest property franchisor in the UK and manages the second largest estate agency network and portfolio of lettings properties in the UK.
The company was founded in 1986 and has since grown to a diverse portfolio of nine brands operating throughout the UK, comprising longstanding high-street focused brands and a hybrid, no sale no fee agency.
The Property Franchise Group’s brands are Martin & Co, EweMove, Hunters, CJ Hole, Ellis & Co, Parkers, Whitegates, Mullucks & Country Properties.
