Connells ignores lettings in terse statement revealin...

Connells makes no reference about its lettings division in a terse statement about its business performance in the first half of 2022.

The agency - Britain’s largest and now including Countrywide - admitted a 13 per cent loss in revenue “as a result of more challenging housing market conditions impacted by lack of stock, slow pipeline conversion and wider economic headwinds.”

It still claims a 10 per cent market share and says on the sales side it has a pipeline that is 11 per cent up on a year ago.

Its underlying EBITDA was £62.6m - this contrasts with £112.6m a year ago. Nonetheless a Connells statement describes this as “another creditable result.”

David Livesey, Connells Group chief executive, also avoids any reference to lettings in his statement.

“The market has been less frenetic in recent months following the exceptional conditions of 2021, where we saw a push for completions ahead of the stamp duty holiday deadline, pent up demand and low interest rates leading to record high transaction levels” he says.

“Although the UK economic outlook is unsettled with the cost of living and interest rates rising, plus the war in Ukraine, there remains strength in an active housing market. With the imbalance between demand and supply still remaining the key market feature, and a build-up of sales transactions working their way through the system, we are encouraged by our strong sales pipeline.

“Connells Group has successfully worked through all types of markets, and our outlook for the latter half of this year remains positive. Our people thrive on challenge and our breadth of business will allow us to maintain our market-leading position.”