Financial services boost Belvoir’s revenue…

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Belvoir said the group’s revenue rose 14% in the first four months of the year, helped mainly by its financial services division, while sales service charges were down.


A business update from the agency franchise and financial services group said real estate division revenue grew 8% while financial services grew 20% in the four months to April 30, 2022 .


Management fees (MSF), Belvoir’s main underlying revenue stream from its real estate franchise division, are up 1% from 2021.



The update said: “As the sales market normalized after unusually buoyant trading in 2021, the number of UK residential property transactions fell by 24%.


“Meanwhile, the UK rent index rose to 2.7%, the strongest annual growth since January 2016.


“Against this backdrop of changing housing market dynamics, MSF from rentals increased by 4%, mitigating the 11% lower level of MSF from sales, and Belvoir’s rentals-to-sales ratio in the first four month of the year was 78:22 (FY21: 74:26).


Financial services division revenue grew 20% with Belvoir’s advisor network to 243 at the end of April 2022 (April 2021: 214).


The update stated: “As the new home mortgage market has slowed to the pace of residential property transactions, our mortgage advisers have been able to serve the group’s large customer base during what has been a period charged for mortgages, exacerbated by rising interest rates.”

Dorian Gonsalves, Belvoir Group Chief Executive, said: “Since the start of 2020 the UK property sector has seen a number of different market drivers, but for Belvoir it is ‘business as usual’.


“We continued to focus on the growth of the group by supporting our franchisees and our advisors so that they are best placed to respond to market conditions, and by pursuing the Group’s ambitious growth plans through two strategic acquisitions.


“With the development of the brokerage model within the estate agency industry, the main strategic driver for the acquisition of Mr. and Mrs. Clarke was to introduce a high quality personal agency model to the Belvoir Group to complement its brands. existing streets.


“The recent acquisition of TIME Group will allow us to further strengthen our mortgage advice offering through our property franchise network in the Midlands and North, where the Belvoir Group property brands are well represented.


“Belvoir has a proven track record of growth built around a resilient business model supported by a strong stream of recurring and reliable rental income, and a successful acquisition strategy that has facilitated its diversification into estate agencies and financial services.


“A long-standing and experienced management team ensured that all acquisitions, 10 since 2015, were successfully assimilated into the Group.


“The Board of Directors remains confident that its business model and growth strategy present a strong investment case for shareholders and deliver enhanced value to all of our stakeholders.”



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