Central London lettings revenue plummets up to 20% admits agency

9 April 2021 | Renting

Central London lettings revenue plummets up to 20% admits agency

Winkworth says its London rental activities have suffered because of a lack of international travel, and students and young professionals returning to family homes in the country. 

In a trading statement the franchise giant says outer London rentals revenues were broadly unchanged last year compared with 2019, but central London rents declined by up to 20 per cent in certain areas and overall London revenues fell by four per cent.

Its out-of-London country rental income, however, grew by 12 per cent.

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Sales performance was boosted by the stamp duty holiday and the company says it’s opened a new office at Hellesdon in Norfolk this year with “have several further offices scheduled to open in 2021.”

Executive chairman Simon Agace says: “We will be adding new franchises in 2021 and will continue to use the company’s substantial resources to attract and back entrepreneurial estate agents in key growth areas of Southern England, acting opportunistically as opportunities arise.”

Winkworth’s 2020 revenues were flat at £6.41m and profit before taxation was six per cent lower at £1.53m.

This post has originally been featured in Letting Agent Today.