Dwelly has completed its eighth acquisition of 2026 with the purchase of the lettings business of West Midlands estate agency AP Morgan.
The deal adds more than 500 fully managed properties to Dwelly’s portfolio, taking the total number of properties under management to almost 14,000.
Founded in Redditch, AP Morgan has built a presence across the Midlands through its residential sales and lettings operations. Under the agreement, the firm’s lettings business will join Dwelly, while the founding team will retain ownership of the sales business.
The existing lettings management team will remain in place, with landlords and tenants continuing to be supported by the current staff.
Dwelly said the acquisition reflects increasing demand from estate agency owners looking to sell their lettings businesses while continuing to focus on residential sales.
Following completion, Dwelly will integrate the business into its platform while retaining the existing team and introducing its operational systems to support property management and compliance.
Sam Humphreys, head of M&A at Dwelly, said: “Our acquisition activity this year reflects the confidence that agency owners are placing in the model we’ve built. Increasingly, we’re speaking to businesses that recognise the growing complexity of the lettings sector and want a partner that specialises in helping those businesses continue to thrive.
“AP Morgan is another fantastic example of the type of business we’re looking to partner with. It has a fantastic reputation, an experienced team and a strong presence within its local market, all of which made it an incredibly attractive addition to the Dwelly family.
“Importantly, this isn’t about changing what has made the business successful. By retaining the existing leadership team and investing in the technology and operational infrastructure behind the scenes, we can remove much of the administrative burden that modern letting agents face, allowing them to spend more time delivering the service and relationships that clients value most.”
Also reflecting on the deal, which was brokered by Atomic Consultancy, Joe Phillips, director of AP Morgan, commented: “Finding the right long-term home for our lettings business was incredibly important to us. We wanted a partner that recognised the value of the team, the relationships we’d built with landlords and tenants, and the reputation we’d established within the local market.”
