Connells sees profit jump 87% to £111m after Countrywide purchase

The firm adds that revenue jumped by 167% to £1bn in the 12 months to the end of December, as the enlarged business benefitted from the surge in homebuyer demand sparked by the stamp duty relief holiday.

Connells completed its £130m takeover of Countrywide last March, making it the UK’s largest estate agency network.

It says total house sale exchanges rose by 44%, while buyer registrations lifted 38% in the period.

It adds it sold over 11,500 new homes last year, with new homes income up 16%. The business adds this generated over £35bn worth of mortgage lending, lifting mortgage services income by £75m.

The firm, which is owned by Skipton Building Society, says following its purchase of Countrywide it carried out “the largest integration project in the company’s history.”

It adds: “Now, it is looking to build on its success, with further investment and growth planned for 2022, in particular looking to grow beyond the current 1,300 mortgage consultants.”

During the year, Connells also bought Hall & Benson and Holroyds estate agents. It also invested in its tech offering striking partnerships with Zoopla, Yoti, MBT Affordability, Aviva, ZeroDeposit and Twenty7Tec.

Connells chief executive David Livesey says: “2021 was a historic year for Connells Group with the successful acquisition of Countrywide, as well as numerous other strategic moves, consolidating our position as the largest and most successful property services group in the UK.”

He adds: “Entering 2022, we’re positive for the year ahead and, although stock remains a challenge, we have confidence that our market-leading proposition, investments in technology and growing branch network will continue to drive our business forward.”