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TODAY'S OTHER NEWS

Agents will go out of business due to legislation changes, says Belvoir boss

The chief executive of the UK's largest franchise agency, Belvoir, says the number of letting and estate agents will 'undoubtedly fall' over the next five years.

Dorian Gonsalves says this is due to changes in legislation and particularly the ban on letting agent fees due to be introduced next year.

He says, however, that he expects the private rental sector to continue growing over the same period.

Gonsalves' comments come as Belvoir reports that it is on course for another record year.

The organisation has so far completed 10 acquisitions, adding almost 3,000 properties to its network and over £3 million of additional turnover.

"This is proving to be another good year for Belvoir," says Gonsalves.

"The number of properties added to the network so far this year is already greater than the total number added during the whole of 2017."

The agency chief says that Belvoir has more acquisitions in the pipeline, with several close to completion.

Earlier this week, Letting Agent Today reported that the agency had secured loan funding from HSBC to finance acquisitions.

The £17 million package includes £6.5 million refinancing of existing borrowing.

Belvoir, which was founded in 1995, now has over 300 high street offices nationwide.

Poll: Do you agree the the ban on fees will force some letting agents to stop trading?

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