Winkworth was second most active agent for exchanges in 2022 - claim

Winkworth agents ranked second when it came to property exchanges in London last year, the franchise agency brand claims.

A trading update from Winkworth yesterday highlighted TwentyEA data that showed it ranked second by properties exchanged in the postcodes it operates in during 2022.

Despite the “hiatus in the property market” provoked by the mini-Budget in the fourth quarter of 2022, Winkworth said it “saw a buoyant level of activity in both sales and rentals” overall.

It said: “As buyers continued to return to London, interest in property sales remained dynamic and Winkworth ranked second by properties exchanged in the city for the year as a whole.

“Transaction levels in the country markets were firm, with some signs of sellers downsizing in part due to the higher costs of holding larger properties as a result of higher energy costs and a drive towards greater energy efficiency.

“This trend may result in larger country houses coming to the market, as a result of which lower transaction volumes may in part be offset by higher value transactions.”

The agent said both London and country rentals have continued to be strong, albeit with price growth slowing as affordability ceilings are reached and, in the short term at least, accidental landlords increase available stock.

Prime London lettings, where the directors believe that there is still headroom for higher prices, remains the most active part of the rental market, Winkworth said.

The update said Winkworth opened two offices in 2022, in Bishopston in Bristol, creating a new area for growth, and in Crediton, adding to the localised Devon network. 

It is also in negotiations to open a further six offices this year.

Winkworth said its full year pre-tax profits, subject to the audit, are expected to be “modestly ahead” of the current market forecast of £2.3m and net cash at year end stood at around £5m.

Shareholders are also set to receive a dividend of 2.9p per share for the fourth quarter of 2022, bringing the total ordinary dividend payments declared for the year to 11p. per share.

Dominic Agace, chief executive of Winkworth, said: "While the challenges facing the sales market in 2023 have been widely voiced and it will be hard to match the strength of the conditions witnessed in 2022, we are very pleased with our sales results for last year and are less downbeat than the consensus on the outlook for prices in the current one.

"Lettings market activity abated towards the end of 2022, but we expect it to be strong again in 2023."