Pre-tax profits for Connells Group have plummeted from £111.3m in 2021 to £67.5m last year – but its lettings division has shown substantial growth. 

Connells Group claims the overall profit slump is partly down to the disposal of its shareholding in TM Group in July 2021 and Liz Truss’ “disastrous” mini-Budget.

The sales market has also been more challenging – total house sale exchanges were down 18 per cent last year, and buyer registrations reduced by 10 per cent as demand eased. New homes income was down nine per cent.

However, lettings income increased by four per cent on a like-for-like basis, and the group now has over 150,000 properties under management.

Connells Group chief executive David Livesey says: “2022 was an extraordinary year, with a number of unprecedented events impacting the housing market and wider economy – the war in Ukraine, cost of living crisis, political upheaval, disastrous mini budget and upward movement on bank base rates. Set against this backdrop, these are a robust set of results.

“The collective effort and perseverance from colleagues across the breadth of our Group ensures our success, and we thank them for their continued contribution to our business.

“Looking forward, we’re optimistic for the year ahead and, with early 2023 showing signs of returning to more ‘normal’ market conditions, we expect to see activity continue at a steady pace.”