In a trading update ahead of its annual general meeting on Tuesday, the UK’s largest property franchise said revenue increased from its three key income streams of residential lettings, property sales and financial services.
Belvoir pointed out that its franchisees - across all three brands - completed on ten portfolio transactions in the period under its Assisted Acquisitions programme, adding £3.2mln network revenue, nearly 2,500 managed properties and £0.3mln per annum of recurring management service fees (MSF).
The firm said it is seeing an unprecedented number of smaller independent lettings agents choosing to withdraw from the sector in the face of increased legislation and the previously announced ban on tenant fees, now expected in the Spring of 2019.
As a result, it added, there remains a strong pipeline of further opportunities to underpin the group’s growth target for 2018.
Belvoir also said that Brook Financial Services, which it acquired in 2017, outperformed by over 20% the same period last year - when not part of the group - as its offering of financial services was rolled out across its networks.
Dorian Gonsalves, Belvoir Letting’s CEO, commented: “The Group has seen a healthy start to 2018 including increased MSF from property sales despite a widely reported background of softening house transactions.”
He added: “A further ten of our franchise owners have substantially grown their businesses by acquiring a local competitor and we are seeing our lettings-biased Belvoir and Northwood franchisees extending their services to encompass property sales and related financial services.”