Agency group pledges six new branches despite lettings slowing

There will be up to six new branches opened this year for the franchise brand Winkworth.

The agency made its announcement in a trading update which also revealed a modest slowdown in the lettings market.

The firm told shareholders: “Both London and country rentals have continued to be strong, albeit with price growth slowing as affordability ceilings are reached and, in the short term at least, accidental landlords increase available stock. Prime London lettings, where the directors believe that there is still headroom for higher prices, remains the most active part of the rental market for Winkworth.”  

The agency did not reveal where its new branches are likely to be; in 2022 it opened two branches, one in a Bristol suburb and the other in the Devon market town of Crediton.

Chief executive Dominic Agace says: “While the challenges facing the sales market in 2023 have been widely voiced and it will be hard to match the strength of the conditions witnessed in 2022, we are very pleased with our sales results for last year and are less downbeat than the consensus on the outlook for prices in the current one. Lettings market activity abated towards the end of 2022, but we expect it to be strong again in 2023.” 

The company says its full year pre-tax profits are expected to be “modestly ahead” of the current market forecast of £2.3m; the final full year figures will be announced in the spring.