The Property Franchise Group: ‘Completion times are improving’

The sales process is starting to speed up, The Property Franchise Group (TPFG) has claimed.

Gareth Samples, chief executive of TPFG, which owns brands including EweMove and Hunters, attributed a 21% dip in sales revenue from management service fees (MSF) of its franchisees during the first half of this year to slow completion times and a busier 2021 market.

Samples said: “Sales revenues via our high street-led brands have performed slightly better than our expectations of a 25% reduction but that reduction would have been lower still if sales completion times had not steadily increased in the first half of 2022.”

It comes as TPFG yesterday reported its revenues were up 18% to £3.1m and pre-tax profit rose 9% to £3.8m for the first six months of 2022.

Samples added: “We continue to see a very healthy sales agreed pipeline for the group, an increase of 15% against an exceptional 2021. 

“We have during the period been faced with lengthening sales’ completion times which have impacted both our franchisees’ sales revenues and our owned offices’ revenues. This has started to improve post period end.

The interim report revealed that TPFG finished the period with a sales’ agreed pipeline of £33.8m, as high as at any time during 2021. 

It said: “There were also the first glimpses of a reduction in the time taken to complete sales transactions which should bode well for Sales MSF in the second half of 2022 if this trend continues.”