Big jump in London market share achieved by Winkworth

Winkworth says it’s achieved a big jump in London sales market share despite “an uncertain and difficult year that was dominated by political developments.”

In the capital in 2019 Winkworth ranked second in Sales Subject to Contract with a market share of 4.2 per cent, up from 3.6 per cent in 2018.

New listings held steady in fifth place, with an increased share of just over 3.0 per cent.

The franchise agency says prices remained broadly flat, having bottomed in 2018 some 20 per cent below their 2014 peak in prime central London and 10 to 15 per cent down in outer London.

“While our activity in the London market remained subdued, we recorded an upturn in transactions outside of London as buyers decided to get on with their lives after years of watching and waiting” says the company in a trading statement to shareholders.

Lettings reviews grew in 2019 despite the tenant fee ban, but franchise openings were held back by caution over the political backdrop.

Even so, Winkworth opened three new offices over the course of last year and saw what it describes as “significant growth in revenue from our portfolio management initiatives, where a new generation of franchisees is re-invigorating key offices.”

Company chief executive Dominic Agace says: "Our professional network and robust model have led to further gains in market share and we look forward to welcoming new operators. 

“At the start of 2020, new applications for both sales and lettings have risen sharply and, with borrowing rates remaining low and a more visible political agenda, we anticipate that these will translate into increased activity in coming months."

In response to the rading update, Winkworth saw a 13 per cent share price leap at one point yesterday.