Connells Group’s estate agency business increased its market share of new instructions in 2017 by almost four per cent, despite a reduction in supply of instructions to the market.
The figures were released by Connells within hours of Countrywide’s trading statement warning that its profits may be below expectations and its agency income was likely to show a 14 per cent fall in 2017 when final annual figures are released in March.
Connells Group estate agency chief executive David Plumtree said his firm’s more successful performance was down to “the unwavering focus placed within the business on winning new instructions, and our commitment to offering a full service and consistently good value to our customers via our 600 strong high street estate agency branch network.”
He says that although official figures are not yet available for transactions in the whole market in 2017, it is likely that they will eventually reveal a 10 per cent drop.
“So, set against this backdrop, it is pleasing that our sales for the year are only down by three per cent, and clearly the increase in our share of the new instruction market has enabled us to fare better than the market as a whole in respect of our sales results” he claims.
Despite what Connells calls “a somewhat subdued marketplace” in the final quarter of 2017, the company says it enters 2018 with a sales pipeline marginally up on the previous year.
“We are confident that, through our breadth of experience, we will continue to build on the success of 2017 and further increase our market share in 2018,” concludes Plumtree.
Meanwhile Countrywide’s share price finished down a whopping 25.2 (an 18.64 per cent fall) to close yesterday at 110.0p