Source: Sharecast
M Winkworth said following expectations that interest rates had hit their peak in January, the sales market picked up significantly in Q124 and, despite rates remaining unchanged, improved sentiment on the UK economy maintained this momentum.
Winkworth's sales agreed in H124 were 19% higher than the comparable period in 2023. However, with transaction times still extended, it expects many of the sales agreed in H1 to complete in H2.
Lettings activity was also said to have remained positive in H1, albeit increased sales activity and affordability ceilings having been reached led to a greater supply of rental properties and a fall in applicants.
The AIM-listed firm said preliminary results showed interim network sales up by approximately 8% year-on-year, and network lettings by approximately 4%. As a result, full-year pre-tax profits were seen in line with market expectations of £2.4m.
As of 1350 BST, M Winkworth shares were up 2.56% at 200.00p.
Reporting by Iain Gilbert at Sharecast.com