The introduction of a higher stamp duty on second homes and uncertainty ahead of the EU referendum didn't provide the easiest backdrop for Belvoir Lettings (BLV) in the first half of 2016. But the longer-term shift towards renting rather than buying properties, combined with a trio of acquisitions, propelled the group's adjusted pre-tax profits up 69 per cent to £1.3m.
Belvoir's big coup was its takeover of franchise network Northwood GB, leaving it as the largest property franchise group in the UK with 306 offices and around 54,000 managed properties. The upshot was a 46 per cent rise in management service fees to £2.6m. The expansion also underpinned lettings revenues of £2.8m - an increase of over a third - while revenues in the budding property sales business more than tripled to just north of £1m.