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TODAY'S OTHER NEWS

Franchise group grows despite Brexit and stamp duty unsettling market

Franchise network Belvoir says a combination of Brexit and stamp duty have unsettled the housing market - although despite this the company has recorded a strong six month period marked by substantial growth.

In its interim figures to the City, Belvoir says it has added substantially to its network of outlets (up 109 on a year ago), chiefly thanks to the acquisition of Northwood which added 86 new offices.  

Management service fees were identified in the figures as a key indicator of the success of the franchise owners, increasing by 46 per cent to £2.6m. 

The group’s adjusted profit before tax increased 69 per cent to £1.3m, and the number of managed properties increasing significantly from 37,000 to around 54,000. 

“We are now firmly positioned as the largest property franchise Group in the UK and Belvoir is well placed to benefit from consolidation in the sector both as individual franchisees and as a franchisor” says the firm.

Locally the firm says its strategy is to assist franchise holders to purchase local lettings outlets while the group as a whole pursues a strategy of acquiring larger franchised networks.

Mike Goddard, chairman of the group, says the period covered by the figures - to the end of June - has not been plain sailing however.

“Both the sales and the lettings markets have been unsettled during the first half of the year due to the changes to the tax regime and stamp duty for buy to let landlords and the uncertainty leading up to the EU referendum. However, the underlying demand for property continues, and, although organic growth has been tempered during the period, opportunities for the group to grow through acquisitions and consolidation of the marketplace continues to accelerate” he says.

The figures reveal that 50 per cent of staff at Belvoir - hitherto perceived as very strongly skewed to the letting sector - are now trained to offer estate agency.

  • Rob  Davies

    Well, given that Brexit means Brexit, but still no-one is actually sure what that actually means - all of this unsettling of the market and general uncertainty seems to have been for diddly squat. What was the point of the referendum? What have we gained from it? What will actually change? No-one seems to know, it's all such a mess, and no-one seems to have benefited from it. Don't worry, though, David Davis and his merry band have got it all under control. Honest.

  • Fake Agent

    Brexit means Brexit means Brexit means something else while they're not looking means Brexit-lite means Brexit watered-down means Brexit full-on means Brexit we haven't got a clue means Brexit why did we put ourselves in this mess in the first place? means why did Dave call this bloomin' referendum in the first place?!

    The whole thing is as messy, complicated and confusing as the above post. No-one seems to have a clue what they're doing. Whichever way you voted - and I voted Remain, for the record - has all this hoohaa really been worth it? Maybe, maybe not. We'll have to wait and see, if we do ever actually Brexit!

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