Lomond Quarterly Insights: Q3 2023

23rd Oct 2023
Ed Phillips
Lomond Quarterly Insights: Q3 2023  - Lomond

Welcome to the Autumn 2023 Edition of the Lomond Quarterly Insight

Our latest Quarterly Insight explores trends and performance nationally, as well as across all its individual operating regions – Scotland, Yorkshire, Manchester and the North West, Birmingham and West Midlands, and the South Coast. This quarter's feature highlights our rise in lettings instructions, and our latest major sales milestone.

Lettings Market

As the fastest-growing network of lettings and estate agents in the UK, our recent lettings acquisitions of the Harvey Scott offices in the North West and Eve Brown in Scotland has solidified our status as the leading agent in the UK’s heartlands. The number of properties under our management nationally has surged beyond 40,000 properties.

We achieved 1,679 new lettings instructions over the last 3 months, up an incredible 94% on the previous 3 months, with an average of 428 applicants and 84 tenancies agreed per branch.

Our investment in centralised technology infrastructure and support systems delivers unrivalled customer experience for both renters. and landlords alike and helps drive enhanced productivity. Our local experts across the regions provide the personal touch, leveraging their deep property knowledge and unmatched expertise, enabling us to be in the best position to seize the opportunities that lie ahead in an evolving lettings market.

Sales Market

Over £325m of property sales completed over the last three months, 22% higher than we saw from April to June, meaning market activity levels remain encouraging against a tough market backdrop.

Across Lomond, we averaged 213 applicants, 34 instructions, and 74 property valuations per branch, and held 12 viewings for every property sale.

Back to the general market, inflation is stabilising and the economic outlook potentially improving with the base interest rate at 5.25%. Property remains an excellent long-term investment and our team is here to help buyers, sellers and investors alike to navigate the complex landscape, and as the property market continues to evolve, we are actively embracing and leading this transformation.

“Our investment in people and technology underlines our ambitious growth plans to provide the solid foundations for the successful integration of upcoming acquisitions before the end of 2023 and into 2024.” – Ed Phillips, Lomond CEO.

Interested to learn more and delve into our local market performance? Read our full Quarterly Insight for Q3 below.