Dexters: High rents boost profit of London’s largest private estate agent
Independent estate agent Dexters has reported a double-digit profit boost due to growth in its letting arm.
Revenue rose 23 per cent rise to £222m in 2024, from £181m in 2023, with underlying operating profit up 17 per cent to £47.2m, from £40.4m in the prior year.
Dexters, which is London’s largest estate agency with more than 150 branches, said its performance was driven by strong sales and a 31 per cent increase in lettings revenue.
Revenue from lettings accounted for 62 per cent of total revenue during the 2024 financial year, up from 58 per cent in 2023.
Dexters has built market share via acquisitions, it said, with the purchase of Keatons bringing 2,500 properties to its portfolio last year.
Chief executive Andy Shepherd said: “London remains a highly desirable place to live, study and work and the capital attracts both domestic and international buyers and tenants who choose to make the city their home.
“Our lettings teams are highly successful whilst significant sales deals across central London’s premium addresses has enabled our business to generate a strong increase in revenue for the financial year.”
London’s lucrative rental market continues to suffer from a mismatch between supply and demand, with rents up 11.6 per cent last year despite only a 1.4 per cent rise in house prices and a average lower mortgage rate.
Shepherd added: “Dexters remains confident about the strength and future performance of the vibrant London property market and will continue to invest and to position the company to take advantage of expansion and acquisition opportunities.”