Connells reports mortgage boost
And the group reported pre-tax profits of £23m in the first half of 2013 compared to £18.5m for the same period in 2012 which it attributes to continued investment across the business and an improving housing market.
David Livesey, chief executive for Connells, said: “The group has continued to invest across the business over recent years and this is now bearing fruit as shown by these fantastic results for the first half of the year.”
Compared to a strong first half in 2012, the group’s estate agency business has recorded further improvements in activity this year including a 16.7% increase in property sales rising to 28% growth in June.
Buyer registrations were up 14.2% and property instruction increased by 8.8% for second hand and 7.3% for new build in the first six months of this year which Livesey said was boosted by the Funding for Lending Scheme and Help to Buy.
Despite capacity issues in the surveying market, Connells Survey & Valuation has increased its results by 9% and has reported it has grown its surveying team by 30% in the last 18 months.
Livesey said: “In 2013 Connells Group has maintained its focus on the core estate agency business while continuing to grow our presence in areas such as lettings, mortgages and surveying.
“We are now seeing encouraging signs across the housing market supported by initiatives like Help to Buy which has been transformational for the new build market. The extension of Help to Buy to second hand homes in January 2014 will add further impetus to the housing market.”
The group has ambitions for further expansion which will be a mixture of organic growth and acquisitions. It is open to new opportunities to acquire both sales and lettings businesses.