The Connells Group has posted pre-tax profits of £50.2m in 2013, up 41% from £35.6m in 2012 thereported.

The group’s estate agency business recorded a 23% hike in sales, with average house prices rising by just under 9% for the year.

Connells Group’s lettings expansion programme also reported an uplift in 2013 following investment in new lettings branches and acquisitions of local lettings businesses. Connells recorded a 23% increase in rental instructions as well as a 28% increase in the number of new tenancies arranged.

Chief executive David Livesey said: “Connells Group’s outstanding results in 2013 are the culmination of continued investment, a lot of hard work from the exceptional individuals we have in our business and a well-documented upturn in the housing market last year.

“Testimony to all these factors, we started 2014 with a sales pipeline that was over 45% higher than the previous year and sold more homes in January 2014 than any month in 2013.”

He went on: “We made a bold decision to invest in 2010, despite challenging market conditions, and we are now seeing the payback from this.

“Major investment across the business has created over 1,000 new jobs over the last four years and put us in an enviable position to take advantage of the upturn we are now seeing in the housing market.”

Connells is owned by Skipton Building Society.