Connells buoyant thanks to new homes and market surge

The Connells Group has announced pre-tax profits of £27.3m for the first half of 2015 and forecasts a record full-year of trading. 

Echoing yesterday’s comments by Foxtons, Connells has experienced a notable upturn in activity since the general election. 

In June alone, its estate agency division recorded a 27.5 per cent increase in sales agreed compared to June 2014. 

The firm has also seen significant upturn in new homes sales, recording a 43 per cent rise in sales compared to the same period in 2014.

Connells enters the second half of 2015 with a 13 per cent increase in its residential sales pipeline compared to June 2014.

Connells’ expanding lettings network recorded a 23 per cent increase in income for the first half of 2015.  A number of lettings businesses have been acquired in quick succession – including three in June alone - signalling that the company is in line to double its lettings footprint by the end of the year.  

Connells has opened more than 100 lettings branches in the last 18 months.

The Mortgage Services division has recorded a 16 per cent increase in income and reports over £3.5 billion of mortgages placed on behalf of buyers and sellers in the first half of the year. 

Connells Survey & Valuation has increased its profits by 11 per cent with transactions up seven per cent in the first half of the year, and a rise of 12 per cent in Q2 alone.