Belvoir (BLV) managed to offset a decline in property sales transactions during the first half, thanks to its fledgling financial services business and steady lettings fees. The estate agency’s mortgage advisory business grew gross profit by a fifth, buoyed by the 2018 acquisition of MAB Glos, which contributed half of the increase in the group top line.
Lettings managed service fees were up 4 per cent, against a 1.3 per cent rise in national private rental prices, according to the Office for National Statistics. But the sales business – which accounted for 15 per cent of group gross profit – suffered a 2.2 per cent decline in transactions. However, chief executive Dorian Gonsalves says he hopes property sales will grow to contribute a larger proportion of profits.
