Winkworth reports strong lettings and property management figures

Franchise estate agency Winkworth has reported its figures for the first half of 2016, noting a particularly strong performance in its lettings division. 

The 97 branch firm reports that lettings revenues were up 7% to £6.1 million and property management fees up 19% to £3.2 million. 

Meanwhile, sales revenue increased by 5% to £14.3 million.

Gross revenues across sales and lettings for the franchise network were up 7% to £23.7 million. 

Rental income now accounts for 40% of the group's revenues, up from 38% in 2015 and 33% in 2014. 

Winkworth's chief executive, Dominic Agace, says the network's investment in lettings has continued to pay off.

The agency says that in the first half of 2016 the property market was dominated by the stamp duty surcharge deadline and the uncertainty surrounding the EU referendum. 

It says it subsequently experienced a 'surge' in activity during the first quarter followed by a 'slowing' market in the second quarter.

Agace says that he now expects transactions to increase from the lows of June and July, particularly in the suburban London markets.

In its statement to the press, Winkworth also confirmed that it is due to launch a new website in the final quarter of 2016 which will provide 'centralised services for landlords wishing to manage their properties online'.