A fifth of lettings agents will close in the next three years.

The prediction has come from Belvoir chief Dorian Gonsalves. The firm has consistently been forecasting consolidation in the lettings industry.

Yesterday, he outlined plans to double the number of franchisees’ acquisitions in the Belvoir network next year, to take advantage of market conditions.

He said: “We currently have over 80 franchisees across the Belvoir network, which includes Newton Fallowell, Northwood and Goodchilds, who are actively looking for acquisitions.

“To date there have been 16 successful franchisee-led acquisitions in 2017, and we have a further eight that are likely to complete before the end of the year.

“The total value of the completed franchisee acquisitions to date is £2.2m, and a further £3m of acquisitions are currently with lawyers.

“Going forward into 2018 we plan to double the number of franchisee acquisitions achieved this year, which will not only deliver twice the profits to our franchisees’ bottom line, it will also grow Belvoir as a franchisor.”

In the latest example, franchisee Howard King of Belvoir Newcastle has successfully completed on the resale of Belvoir Sunderland.

There was however no mention by Gonsalves yesterday of Belvoir’s overtures to The Property Franchise Group (TPFG).

Belvoir announced on October 19 that it had approached TPFG about a merger but the advances were swiftly rejected by chief executive Ian Wilson, who described it as a takeover bid dressed up as a merger and branded it “completely unacceptable”.