The total number of house sale exchanges fell by 16% in the year to 2020, according to the latest financial results by Connells Group.

Connells noted that mortgage services generated £10.9bn worth of lending, despite fewer house sales.

Furthermore, the total lettings income fell 4%, conveyancing transactions declined by 20%, and survey and valuation volumes dropped by 15%.


MCI Mortgage Club adds Ipswich Building Society to panel

The group reported pre-tax profits of £51.8m in 2020, up from £50.1m the year before.

However, total revenue fell 12% to £375.0m, from £426.4m the year prior.

It also ended the year with largest market share of any UK estate agency group at 5.5%, and the group remained the largest new homes operator in the UK with nearly 8,000 new homes sold.

David Livesey, chief executive of Connells Group, said: “Although we started the year positively, the ongoing pandemic and closure of the housing market for two months in the first lockdown impacted business significantly in 2020.

“Demonstrating our resilience and ability to react quickly to change, combined with a strong market, we recorded a healthy profit that is marginally ahead of last year, once again showing the strength in our diversified business model.

“We are immensely proud of our people, how they have adapted to and supported the new ways of working together and the sense of unity throughout a year of national crisis.

“It has been a massively uncertain time for everyone and we are grateful for their unswerving commitment to the business.

“With their support, we have pulled together to secure the safety of the team, to look after our customers and safeguard the company.

“We believe in a well-invested high street branch network that utilises the best in technology, and we look forward to investing in and enhancing the countrywide business for our shared success.”