A trading statement from franchise agency Winkworth has revealed that its network now derives 75 per cent of its revenue from the private rental sector.
The London-focussed agency says rentals in the capital have seen a resurgence of interest along with the re-opening of businesses and what the agency claims “a reversal of the move out of big cities.”
Rental prices outside of prime central London have recovered to pre-pandemic levels, it says, while prime central London has also seen an improvement, with rents recovering to within 10 per cent of pre-pandemic levels.
The agency has recently seen expansion with a third branch in Norfolk while its Exeter and Bournemouth franchises have opened second offices in Tiverton and Ferndown respectively.
The trading statement continues: “We expect our local networks to continue to grow, led by talented, proven and ambitious franchisees whose expansion we are supporting. We have a healthy pipeline of at a least eight new offices due to come on board over the next 12 months.”
Chief executive Dominic Agace says: “We expect business to remain brisk going into 2022, with rental prices rising due to migration back to London and international interest returning.
“We anticipate that sales will re-base to the levels seen before the stamp duty holiday but remain above the five-year average, as cheap funding and the momentum created by the stamp duty holiday are underpinned by high employment and affordable finance."