The merger of two high profile agents has created a new northern property ‘powerhouse’.

Fast-expanding Yorkshire agent Linley & Simpson has acquired the residential lettings and sales business of central Leeds firm Morgans, widely credited with pioneering the ‘city living’ concept.

The sum has not been disclosed but is likely to be substantial for what is Linley & Simpson’s biggest yet deal.

Both Linley & Simpson and Morgans have their roots in lettings, while both have more recently turned to sales.

Sources have told EYE that the combined entity is now more than double the scale of the next competitor in the valuable central Leeds market. Prior to the deal, we are told that Morgans was first, and Linley & Simpson had been second, neck and neck with Countrywide brand Bridgfords.

The deal comes at a time when central Leeds’ own ‘city living’ population is forecast to soar past 20,000 as the regeneration continues to gather pace.

It is the eighth acquisition for Linley & Simpson within a year, and the third that the firm has completed in just over a month, since the letting fees ban came into force on June 1.

The agency says this has simply added impetus to continuing consolidation of the industry.

Will Linley, chief executive of Linley & Simpson, said: “For us, this is a bullseye acquisition that underlines our confidence in the future of Yorkshire’s residential property market.

“Our appetite for expansion has not been dampened by the fee ban. In fact quite the reverse – we view this as the perfect time to expand at scale and pace.”

He also revealed that two further acquisitions are at an advanced stage.

The latest deal adds more than 1,450 homes to the lettings portfolio of the agency – founded by Linley and Nick Simpson – which now stands at 8,000 properties across its 16 branches in North and West Yorkshire.

The deal also brings together the land and new homes specialisms of both agencies, as well as their property consultancy services, as part of a key strategy to support the ever-growing pipeline of new-builds across the city.

Linley said: “This is a milestone moment for two like-minded, home-grown Yorkshire agencies who both launched in Leeds in 1997.

“When we first opened our doors, there were only around 500 residents living in the city centre. Now there are over 12,000 and over the next decade we expect the population will grow to well over 20,000.

“As the cranes return to the Leeds skyline in ever-increasing numbers, this is a timely opportunity to bring together all our skillsets under one roof amidst this latest phase of Leeds’ urban revolution.

“The combination of Morgans’ city living expertise and our wider Yorkshire reach is a perfect fit for providing a market-leading service.”

Morgans’ founders Jonathan Morgan and Nigel Lenton are both staying with the business.

The acquisition is the eighth to take place since Linley & Simpson secured £10m backing from LDC, the UK’s leading mid-market private equity investor, in June last year.

Funding for this latest deal was provided by Santander.

Pictured from left: Will Linley, Nick Simpson, Jonathan Morgan and Nigel Lenton