Lomond’s sixth London acquisition of the year – Putney-based Glenthorne Properties – is the latest in a string of takeovers reshaping the agency landscape.
The deal follows previous purchases of Chase Evans, Kinleigh Folkard & Hayward, Hamnett & Ganpot, Vantage, and Draker, cementing Lomond’s position as one of the capital’s most acquisitive players.
And it’s yet another example of a much wider trend. According to Reapit’s 2025 Property Outlook, almost half of agents said their business had either acquired or considered acquiring another agency or rental book in the past year. Around 1 in 8 went through with a purchase. This is despite just 16.2% admitting they’d considered selling their own agency – suggesting confidence is holding up, and growth remains the bigger driver.
Struggling to keep pace
Economic, strategic and technological forces are fuelling the current consolidation wave. For smaller independents, rising costs, rental reform, and tighter compliance have made the security of a buyout tempting. For acquisitive groups, private equity backing provides the firepower to move quickly – as with Lomond’s investors ICG and LDC.
Acquiring a rental book delivers instant recurring income and market share, while taking over a trading agency brings established relationships and local expertise. Technology also plays a role: larger groups can spread the cost of advanced CRM systems, AI tools and marketing platforms across a wider network, leaving smaller operators struggling to keep pace.
From a growth perspective, acquisitions can be a shortcut to expansion. They offer a faster route to new territories than organic growth, with a ready-made client base. Economies of scale – from centralised compliance to shared marketing – can improve efficiency and profitability. For landlords and vendors, a well-executed takeover can enhance service through greater resources and reach.
Can cause friction
It’s no surprise that boosting managed rentals (80.2%) and property sales (53.4%) top agents’ profitability strategies for 2025, according to Reapit. For some, buying is the fastest way to hit those numbers.
Buying growth isn’t without risk. Cultural fit can be tricky; the “local” feel that built loyalty can be lost if integration is heavy-handed. Staff retention is a concern – losing key people post-sale can undermine the value of the deal. Clients, too, can be wary of change, and the shift to new systems can cause friction.
With interest rates stabilising and sentiment gradually warming, conditions for consolidation look set to persist into 2026. Well-funded groups will keep hunting quality acquisitions, while many independents will continue to weigh up their options.
The property market used to be a game of location, location, location. Now, it’s increasingly about scale, scale, scale – and knowing whether to buy, sell or hold may be the most important decision agents make this year.
