An ‘unprecedented number’ of smaller independent lettings agents are quitting the sector in the face of increased legislation and the impending tenancy fees ban.
Belvoir yesterday told the City that as a result, there is a strong pipeline of opportunities to underpin its own growth.
Belvoir also reported good trading in the first four months of its current financial year, with increased revenue from lettings, sales and financial services.
In a trading update, it told the City that franchisees have completed on ten portfolio transactions under the assisted acquisitions programme, adding £3.2m of network revenue.
Four new franchise owners have been recruited, of whom three are in the process of acquiring local lettings portfolios, to give them a head start.
Belvoir CEO Dorian Gonsalves said: “We continue to work closely with our franchisees, providing the support they need to strengthen their businesses, ensuring they are in the best position to take advantage of the opportunities arising from changes in the sector.”
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