Estate agents, Winkworth, announced their trading update for the financial year ending 31 December 2022.
“Despite the hiatus in the property market provoked by the mini budget in Q4 2022, the year as a whole saw a buoyant level of activity in both sales and rentals. As buyers continued to return to London, interest in property sales remained dynamic and Winkworth ranked second by properties exchanged in the city for the year as a whole.
Transaction levels in the country markets were firm, with some signs of sellers downsizing in part due to the higher costs of holding larger properties as a result of higher energy costs and a drive towards greater energy efficiency. This trend may result in larger country houses coming to the market, as a result of which lower transaction volumes may in part be offset by higher value transactions.
Both London and country rentals have continued to be strong, albeit with price growth slowing as affordability ceilings are reached and, in the short term at least, accidental landlords increase available stock. Prime London lettings, where the directors believe that there is still headroom for higher prices, remains the most active part of the rental market for Winkworth.
We opened two offices in 2022, in Bishopston in Bristol, creating a new area for growth, and in Crediton, adding to our localised Devon network. We are in negotiations to open up to a further six offices over the coming 12 months.”