Conveyancer myhomemove delivers record profits

Giant conveyancer myhomemove has announced its strongest ever results.

Its 2012 profits before tax and costs such as depreciation were £3.36m – up 41% from the year before – with transactions at 29,513, up 13.5%.

The figure compares with £1.49m made in 2007, before the recession, and a low of £0.27m in 2010 in the middle of the downturn.

The firm said that last year the housing market began to stabilise following the launch of Funding for Lending and the Government’s NewBuy scheme, coupled with availability of buy-to-let mortgages.

The UK’s largest conveyancer, myhomemove also said it had increased its employee levels by 20% and had invested in new technology and operational efficiency.

Doug Crawford, CEO, said: “These results reflect the hard work and dedication of everyone at myhomemove. Whilst 2012 ended on a high, with house prices up by 3.4%, it was still a tough 12 months for those working in the sector.
 
“We have now laid the foundation for the next phase of myhomemove’s expansion. Over the next three years we aim to treble our transaction volumes by expanding our introducer network, diversifying our services and investing in our staff.

“We are keen to plough our profits back into our business, to ensure our future is sustainable.”