Letting and estate agency Winkworth has reported a strong uptick in sales for the second half of last year.
In a trading update to the stock market, Winkworth said agreed sales rose 27% year on year for H2 2024. This followed a 19% increase in the first half of the year, giving an overall annual increase of 23% for 2024.
It added that completed sales for the year rose 19% year on year, with the board adding that momentum was continuing into 2025.
Winkworth said this increased activity was being driven by a reduction in mortgage costs over the year, combined with real wage growth over the period, helping to reduce affordability pressures for homebuyers after a long period of uncertainty.
It added that with the expectation of further rate cuts it expected activity to remain positive in 2025, particularly in the first quarter of the year, with buyers looking to transact prior to the ending of the stamp duty discount in April 2025.
However Winkworth said that the renewed focus on sales was reflected in slower lettings activity. Overall the number of lettings applicants in 2024 was 5% down on 2023 figures, but it said full year revenues are expected to have risen by 5-6% due to rental price increases.
Winkworth’s full year pre-tax profits are expected to be in line with current market expectations of £2.35m. The company expects to announce its final results for the year on 17 April 2025.
Winkworth chief executive Dominic Agace says: ”The positive trends in sales activity witnessed in H2 2024 bode well as we enter 2025 and, as a well-balanced sales and lettings business, we are in a good position to take advantage of an increase in sales transactions.
“In 2024 we invested significantly in bringing new talent into the business, acquiring existing offices and supporting the expansion of existing franchisees. We expect these investments to bear fruit in 2025 and 2026 and to further strengthen our market position.”