Lomond Quarterly Insight: Q1 2024

24th Apr 2024
Ed Phillips

Welcome to our Lomond Quaterly Insights: Q1 2024.

Our mission at Lomond is to build a national network of local agents in towns and cities across the UK by acquiring businesses that excel in theirown markets. It is an exciting journey and I am proud to say that, in just three years, we have acquired more than 50 high-performing local businesses. Hitting the 50 milestone was quite a moment for our team but we didn’t linger long and already the total is 53. But this is not simply a numbers game. This is about creating a family of businesses where the whole is greater than the sum of the parts. Every one of the businesses we welcome into the Group brings with it a strong track record in their local market and an understanding that being part of a national network will strengthen their local offering. Being part of Lomond means access to best-in-class technology and unparalleled staff benefits and training to retain, reward and future-proof our talent pool.

In January we announced the acquisition of Beals, a leading Hampshire agency with a 30-year history of delivering a premium service. With ten offices including Southampton and Portsmouth, it opens up a new territory for Lomond and extends our coverage of the South Coast to a 75-mile stretch. Our lettings portfolio has been further strengthened by the acquisition of Nottingham-based Tassi, taking our Midlands book to over 8,000 homes. The UK rental market is evolving fast as more institutional landlords enter the sector. Lomond is committed to operating at the highest standards as witnessed by the growing number of blue-chip investors instructing us to let and manage their investment portfolio.

All this is against the backdrop of a more confident housing market as buyers and sellers look forward to a cut in interest rates. The prospect of a General Election would ordinarily create uncertainty but the mood-music from the housing market suggests that this one is a foregone conclusion.

“The outlook for the housing market in 2024 rests squarely on the path of interest rates. A cut may
not come as early as hoped–but there is little doubt it will come” - Ed Phillips, Group Chief Executive.