Annual results announcement
End of year financial results
3rd - 9th February 2020
Connells Group Lettings continues expansion plans
Another year of success in 2015
The Connells Group's lettings expansion programme continues unabated after great success in 2015. The Group, which initiated an ambitious programme of lettings openings at the end of 2013, recorded opening a further 50 lettings branches and numerous lettings portfolio acquisitions in 2015. On average, the Group has opened over three lettings branches per month since the beginning of 2012 and is set to continue expanding through organic growth and the acquisition of further existing lettings businesses.
The Group’s expansion programme is supported by the continued strength of the lettings market across the UK. Indeed, Connells Group Lettings annual results show tenant demand was up by 10% compared to 2014 but the number of new instructions for rental properties rose by only 7% leaving a significant gap between demand and supply for tenants.
"Demand continues to increase for rental property across all areas of the UK and we intend to capitalise on the growth of the rental market by strengthening our business with a further 40-50 new lettings branches added to our local branch network in 2016,” says Stephen Nation, Connells Group Lettings Managing Director.
Testimony to the Group's already strong presence in the lettings market, Connells Group increased its income by 26% in 2015 and the number of properties under its management by 17% compared to the prior year. The continued strength of the rental market is also apparent within Connells Group’s Mortgage Services business which recorded 34% uplift in buy-to-let mortgage applications in 2015 and 46% increase in buy-to-let remortgages. 2016 has also started strongly with buy-to-let remortgages up 82% this January compared to last.
“The buy-to-let market continues to power ahead buoyed by competitive lending and continued low interest rates. Many landlords are also keen to secure a better deal and extend their portfolios ahead of the Stamp Duty changes in April,” continues Stephen. “People are either having to or choosing to rent for longer as part of a lifestyle choice and our rapid expansion programme has allowed us to offer our market leading proposition to even more tenants, landlords and investors.”
Connells Group Lettings continues to seek suitable acquisition opportunities and is keen to hear from business owners who are interested in exploring this potential.
For further information and photography, please contact the press office on 01525 218536 or email Lucy Walsh, Group PR Manager: Lucy.Walsh@connells.co.uk or Isabelle Thompson, Group PR Executive: Isabelle.Thompson@connells.co.uk