The chief executive of the UK's largest franchise agency, Belvoir, says the number of letting and estate agents will 'undoubtedly fall' over the next five years.
Dorian Gonsalves says this is due to changes in legislation and particularly the ban on letting agent fees due to be introduced next year.
He says, however, that he expects the private rental sector to continue growing over the same period.
Gonsalves' comments come as Belvoir reports that it is on course for another record year.
The organisation has so far completed 10 acquisitions, adding almost 3,000 properties to its network and over £3 million of additional turnover.
"This is proving to be another good year for Belvoir," says Gonsalves.
"The number of properties added to the network so far this year is already greater than the total number added during the whole of 2017."
The agency chief says that Belvoir has more acquisitions in the pipeline, with several close to completion.
Earlier this week, Letting Agent Today reported that the agency had secured loan funding from HSBC to finance acquisitions.
The £17 million package includes £6.5 million refinancing of existing borrowing.
Belvoir, which was founded in 1995, now has over 300 high street offices nationwide.
Belvoir, which has over 300 high street offices, has acquired Brook...
Another independent sales and lettings agency group has been snapped up...
The UK's largest franchise agency has expanded into the Orkney Islands. Belvoir's...
One of the country's largest franchise agencies has announced that it...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Be the first to comment (please use the comment box below)
Please login to comment