Strong period of trading for Grantham-based company

Grantham-headquartered listed property franchise Belvoir Group expects to report pre-tax profits ahead of expectations after a strong period of trading.

The national company’s HQ is in the Old Courthouse, London Road.

According to a trading update for the ten months to the end of October 2021, the company’s property division achieved gross profit growth of 29 per cent, according to Insider Media.

Income from lettings was 21 per cent up on 2020 due to rising demand for rental properties, as well as the acquisition of Nicholas Humphreys, a predominantly student lettings network.

Meanwhile, income from sales was up 65 per cent, mainly as a result of a strong market for property transactions.

The financial services division continued its growth with gross profit up by 39 per cent.

Belvoir’s network of mortgage advisers increased from 202 at the start of the year to 245 by the end of October. This represented a net increase of 43, which arose through organic recruitment and 21 appointments from the acquisition of Nottingham Mortgage Services, the mortgage arm of The Nottingham Building Society.

Chief executive Dorian Gonsalves said: “In 2021 we have seen our franchisees and mortgage advisers take advantage of an exceptionally strong sales market. 

“The sector undoubtedly benefitted hugely from the government’s decision to extend the stamp duty holiday until September 2021, following which we have seen a predictable slowing in the number of new instructions as the market normalises.

“We anticipate that given the ongoing pent-up demand from buyers; the market will return to more usual transaction levels in 2022.  In the meantime, our current pipelines remain strong and support outperforming our end of year forecasts.

“The board is mindful that 2022 is likely to present further challenges for the wider economy, but we are confident in our business model of supporting entrepreneurial franchisees and mortgage advisers to achieve their business ambitions, and that our growth strategy of organic growth, coupled with investment in profitable property franchise and mortgage networks, will continue to prove successful and deliver long-term shareholder value.”