One of London’s leading estate agency chains Dexters today said it “continues to be confident” about the London property market despite the mortgage market crisis.
The company, which has 150 offices in the capital and also owns the Marsh & Parson brand, was reporting a 3% rise in revenue to £147.1 million and profits slightly down at £37 million in 2022.
Chief executive Andy Shepherd said: “Dexters continues to be confident about the strength and future performance of the London property market.
“The London lettings sector is strong and experiencing high levels of tenant demand following the reopening of the economy after the Covid-19 pandemic, which is reflected in our latest figures, whilst the sales market has remained resilient, following a strong 2021 with the Government’s temporary stamp duty relief.”
More than half the revenue was generated through lettings and property management, with £56.5 million through sales and new homes activities and £11.1 million from other advisory services.
The results came as latest mortgage market data showed average rates continuing to rise, though at a slower pace. According to analysts Moneyfacts the average two-year fixed residential mortgage rate stood today at 6.26%. up from 6.23% yesterday. The average five-year fixed residential mortgage rate today was 5.87%, up from 5.86%.
Meanwhile, build-to-rent landlord Grainger said its occupancy rate had hit a new high, just short of 99%, in a further sign of the shortage of supply in the rental sector.
The landlord reported that its properties were now 98.7% occupied, up from what were already record levels earlier in the year. It also reported a further 7.1% rental growth for the year to date.
