Winkworth has reported a strong first half of the year, with gross revenues in its franchised network up 7% to £23.7m.

Sales revenue was up 5%, to £14.3m, lettings up 7% to £6.1m and property management fees up 19% to £3.2m.

However, CEO Dominic Agace said that a number of vendors delayed their decision to sell, rather than accept a reduced price.

He said that transactions are 25% lower than the peak of 2006.

He said this has been most in evidence above the £1m mark, where Stamp Duty rises are still being absorbed.

Lettings revenue in the network now accounts for 40% of total revenue, up from 38% this time last year and 33% in 2014.

Winkworth has recently launched centralised client services and corporate relocations departments, and expects to see lettings continuing to contribute more income.

The firm has also launched a centralised recruitment service for its franchisees, which is cheaper than using recruitment consultants.

In Q4, Winkworth will be launching a new website, providing centralised services for landlords wishing to manage their properties online.

The company also reported a rise in franchisee applications.

Two new offices were opened in the first half of this year, and three existing ones re-sold. Over the next six months it anticipates six to eight new openings and one or two re-sales.

There are currently 97 offices in the network, the oldest of which has been trading since 1974.