Chestertons revenue up 6%

Mortgage Introducer

July 24, 2019

Estate agency firm Chestertons has upped revenue by 6% in the first half of 2019 compared to the corresponding period last year.

The company’s lettings division posted an 11% uplift in revenue, driven by an increase in the number of tenants registering and a rise in the number of long and short-let tenancies agreed.

Guy Gittins, Chestertons’ managing director, said: “While the fall in sales transactions across the country has undoubtedly created a difficult market for estate agents, the market is far from being dead and there is still plenty of buyers out there.

“In fact, we have registered 13% more buyers so far this year compared to last year. However, the lack of owners willing to put their properties on the market – due to a variety of reasons – continues to restrict movement in the market.

“Meanwhile, with reduced sales activity, we have seen our lettings market enjoy rapid and sustained growth with 10% more tenants registering than at the same point last year, causing rental prices in many areas to start creeping up again.”

He added: “I am very pleased with our performance so far this year, and the fact that we are able to post some good results against continued headwinds facing the industry is testament to the hard work and dedication of all of our staff across the business.”

Chestertons’ sales division also posted a 2% increase in revenue, which the estate agent said was an impressive feat when taken in the context of a substantial fall in sales transactions.

Land Registry data shows that transactions in Greater London in the first three months of the year were 16% down on last year and the figure is expected to be similar for the second quarter.

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