Franchise chain Winkworth says there’s been a greater supply of rental properties in the first half of the year, combined with a fall in applicants.

In a brief trading statement focussing on dividends to shareholders, the agency says that following expectations that interest rates had hit their peak in January, the sales market picked up significantly in Q1 and continued into more recent months, despite rates remaining unchanged.

Winkworth’s sales agreed in H1 2024 were 19% higher than the comparable period in 2023 and it says the run up to the General Election had a less dramatic impact on the property market than in previous instances – although demand for high-end properties has slightly reduced.

The statement says: “Lettings activity remained positive in H1 2024, albeit increased sales activity and affordability ceilings having been reached led to a greater supply of rental properties and a fall in applicants.”

In the first half of 2024, the chain opened three new offices and resold four franchises.