National estate agency and property services group Connells has reported pre-tax profits of £23 million in the first half of 2013.
This compares to £18.5 million for the same period in 2012.
This represents a 24% increase in profits, a figure which rises to 53% when compared to the first half of 2011.
The Group has seen significant increases in the number of mortgages it arranges for customers – up 35% in the first half of the year, rising to 49% in June alone – as well as a 39% increase in its insurance business.
It put this increase down to to continued low interest rates, more competition between lenders and greater availability of mortgage products.
Adrian Scott, mortgage services director for Connells Group, said: “The Connells Group offers an award-winning mortgage proposition with customers at the heart of what we do so I am delighted to see our mortgage business grow by over a third in the first half of 2013.
“Coupled with our own efforts, schemes like Funding for Lending and Help to Buy have made a significant impact on buyers’ ability to purchase a home as indicated by the Group’s fantastic results so far this year.”
The Group’s estate agency business has recorded further improvements in activity this year including a 16.7% increase in property sales, rising to 28% growth in June alone. Increasing numbers of buyers looking to purchase a property in the first half of 2013 has resulted in annual increases in buyer registrations (up 14.2%) and property instructions (up 8.8% for second hand and 7.3% for new build) in the first six months of this year.
Meanwhile, Connells Survey & Valuation has increased its results by 9%. This has been achieved in addition to continued investment into technology and recruitment; indeed, Connells Survey & Valuation has increased its surveying team by over 30% in the last 18 months.
Scott said: “Our figures suggest growing confidence from home buyers so it’s great that lenders are going some way towards matching this enthusiasm with greater availability of mortgages and more favourable products.
“We operate a highly controlled and robust distribution model to help maximise the opportunity for home buyers to obtain mortgage finance and deliver high quality, volume business to our panel of lenders.”
“The Group’s sales pipeline is up over 25% compared to this time in 2012 so we are expecting even better results in the second half of the year,” he added.
