At Winkworth, we’re proud to reflect on a successful 2024, a year that saw a significant rise in property sales and steady performance in the rental market. With our 190th anniversary approaching in 2025, this milestone underscores our long-standing commitment to excellence in the property market.
Impressive Sales Growth
Winkworth achieved a remarkable 23% increase in property sales in 2024 compared to 2023, with agreed sales up 19% in the first half of the year and 27% in the second half. This growth reflects a recovery in buyer confidence, driven by easing borrowing costs and reduced political uncertainty. Our team completed 19% more sales year-on-year, a testament to our proactive approach and strong market positioning.
Looking ahead, we anticipate continued positive activity in 2025, particularly in the first quarter, as first-time buyers aim to complete transactions before the April 2025 expiration of the stamp duty discount. Real wage growth and expectations of lower interest rates are expected to sustain momentum throughout the year.
Rental Market Performance
While lettings activity softened slightly, with 5% fewer new applicants in 2024 compared to 2023, rental revenue grew by 5-6%, driven by rising rental prices. This demonstrates the resilience of our lettings business and its ability to adapt to market changes.
Financial Strength and Strategic Investments
Winkworth expects to report pre-tax profits of £2.35 million for 2024, up from £2.15 million in 2023 and in line with expectations. This growth is a result of strategic investments in talent acquisition, office acquisitions, and franchise expansions, which are set to further bolster our position in 2025 and beyond.
Dominic Agace, CEO of Winkworth, shared his optimism: “The positive trends in sales activity witnessed in H2 2024 bode well as we enter 2025. As a well-balanced sales and lettings business, we are in a good position to take advantage of an increase in sales transactions. Our investments in talent and infrastructure will continue to strengthen our market presence in the years ahead.”
Celebrating 190 Years of Excellence
As we mark our 190th anniversary in 2025, Winkworth’s legacy as a trusted estate agency is stronger than ever. We look forward to continuing to serve buyers, sellers, landlords, and tenants with the expertise, innovation, and personalized service that have defined us since our establishment in Mayfair in 1835. Here’s to another year of success in London and beyond.
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