Rentals now make up 75% of Winkworth’s revenue…
A business statement from franchise agency Winkworth revealed that its network now derives 75% of its revenue from the private rental sector.
The London-focused agency says rentals in the capital have seen a surge in interest alongside the reopening of businesses and what the agency claims is “a reversal of movement out of the big cities”.
Rental prices outside central London have returned to pre-pandemic levels, he says, while central London has also seen an improvement, with rents recovering to less than 10% of pre-pandemic levels.
The agency recently expanded with a third branch in Norfolk while its Exeter and Bournemouth franchises opened second offices in Tiverton and Ferndown respectively.
The business statement continues: “We expect our local networks to continue to grow, led by talented, proven and ambitious franchisees whose expansion we support. We have a healthy pipeline of at least eight new offices expected to be integrated over the next 12 months. »
Chief executive Dominic Agace said: “We expect business to remain buoyant in 2022, with rental prices rising due to migration to London and the return of international interest.
“We expect sales to return to pre-stamp duty holiday levels but remain above the five-year average as cheap financing and the momentum created by the stamp duty holiday are supported by a high employment rate and affordable financing.”