Hamptons reports record results in lettings despite tenant fees ban

Countrywide brand Hamptons International has announced record results in its lettings division – despite the tenant fees ban and its decision not to pass costs to landlords.

It said that it enjoyed its best ever quarter three, bolstered by a new all-time record in August.

Reporting on nine consecutive months of growth, revenues were up almost 3% year on year.

There was a 1.5% increase in total tenancies, with a 5.7% rise in renewals.

Hamptons also said its build-to-rent team had done well, with a pipeline of London-based build-to-rent schemes being let through its branch network.

Catherine Westerling, head of lettings, said: “Our results so far this year pay fitting tribute to the incredible hard work our teams right across Hamptons’ business have invested this year.

“We have seen growth in our portfolio of fully managed properties this year, increases to our regional and total market share and an uplift in rents where demand continues to substantially outstrip supply.

“Our staff have diligently and informatively supported clients through the immediate aftermath of the Tenant Fees Act, and have been rewarded by the number of new customers who have been attracted to Hamptons in light of our decision not to increase commission fees to landlords.

“Our year-to-date results demonstrate Hamptons’ commitment to growing a strong and progressive lettings business ethically and sustainably, regardless of market conditions, and we are excited to be heading towards a tenth month of year-on-year growth this month, October.”

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One Comment

  1. Hillofwad71

    Ray of Sunshine !!

     

    CWD cleverly let this little PR  snippet out maybe in effort  to demonstrate  that the “tunaround” policy is bearing fruit  Perhaps they engaged the services of Headphones Quirk Properganda to serve this up

    More of a movement by the tug than the battleship

     

    Hamptons arguably one of  their best brands and buys by Countrywide . I always had a view of Hamptons as a little bit like a reduced form of Savills,an international flavour  but slightly  less tweed  and a bit rakish

    However being  married into the N London  Greene & Co seems very much a clash of cultures

     

    Bought in 2010 at a knockdown price reflecting the current market  at the time the 80 branches  had been sold to a Middle East buyer in 2006 for a frothy £104m’ . Nearly as much as CWD’s current debt today  of £90m

    I guess every little helps  and maybe could  show a change of sentiment on the share price however short lived !

    She  mentions Right To Buy and guess this is a huge area to get involved  in as a letting agent  if manging to  get brought into schemes that Greystar ,Grainger  London &Quadrant,Grosvenor , Quintain .Sigma ,Legal &General   M&G (Prudential)  and others have popping up all over London

     

     

     

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