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Gloucestershire Business News

Property business builds revenue of £13.7m

If are wondering how the property market is faring and are in any way concerned - the figures from a certain well-respected are well worth a look.

A 15 per cent rise in lettings and a 12 per cent rise in house sales have seen the business in question unlock the doors to £13.7million of revenue.

Which means Belvoir Lettings PLC has enjoyed a 21 per cent rise in revenue - "outperforming both the sales and lettings elements of the housing market and the financial services market".

Part of its glittering figures were down to a recent takeover of a major Gloucester-headquartered mortgage advice centre.

Anthony Stick, managing director of Belvoir Gloucester (picture below with his staff team), in Worcester Street, said: "It's thanks to our customers at a national and local level that Belvoir continues to go from strength to strength. This rise in profits further evidences that Belvoir is a great brand to partner with, be it as a tenant, landlord, seller, buyer or investor.

"Here in Gloucester, business is continuing to expand, seeing a 15 per cent increase in lettings and 12 per cent rise in house sales from this time last year. We have a great team here with fantastic local knowledge, always going the extra mile for our clients."

The AIM-listed PLC is the UK's largest property franchise.

Management service fees (MSF) from lettings were up 7.1 per cent, with underlying growth of 2.6 per cent noticeably - ahead of the UK rental index of 1.8 per cent.

On the property sales side, MSF was up 8.5 per cent compared with the HMRC reported two per cent decrease in the number of residential property transactions for 2018.

Group income from financial services benefited from a full year of ownership of Brook Financial Services (Brook) acquired July 13, 2017, and one-month ownership of MAB (Gloucester) Limited (MAB Glos) acquired November 26, 2018.

Within Brook, on a full year like-for-like comparison, revenue from financial services increased by 20%. This compares to a 3.7 per cent increase in the value of gross mortgage advances reported by the FCA for 2018 against 2017.

Dorian Gonsalves, chief executive officer of Belvoir, said: "The group's late-2018 investment in MAB Glos will provide the platform from which to offer specialist high street mortgage advice through our network of lettings and estate agents.

"The board believes that Belvoir is well-prepared to both meet the challenges and take advantage of the opportunities anticipated in 2019."

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