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Winkworth: ‘General Election only hit high-end properties’

The General Election had a “less dramatic” impact on the property market than in previous years except for at the high-end of the sector, according to Winkworth.

A trading update from the agency franchise brand suggested that the sales market picked up significantly in the first quarter of 2024 and sales agreed were 19% higher annually during the first half of the year.

It said: “The run up to the general election appears to have had a less dramatic impact on the property market than in previous instances except for on the demand for high-end properties, where a combination of the Conservative Party's removal of non-domiciled status, the Labour Party's stated intention of adding VAT to private school fees, and the higher cost of finance have weighed on this sector.”

As planned, in the first half of the year the company opened three new offices and resold four franchises.

Pre-tax profits are expected to reach £2.4m by the end of 2024, Winkworth said, while half-year network sales are expected to be up 8% annually.

Winkworth also announced a dividend of 3p per share for the second quarter of 2024.



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