Connells Group has reported a year of “strong activity” for its mortgage services, with income up 3%, and £10.7bn worth of lending generated despite a more challenging market with fewer house sales.
The announcement closely follows the group’s full year results, where it reported an EBITDA of £76.3m.
The group said that these latest results show an uptick in first-time buyer activity towards the end of the year, with the mortgage sector “buoyed” by the availability of good mortgage rates, which it believes was “boosted by the certainty that the decisive election result brought”.
Connells said that the trend looks set to continue, with first-time buyers “having the confidence to step onto the property ladder”, and locking into longer-term fixed-rate deals ahead of anticipated rate rises.
The group also noted that its new build business was a “notable success” in 2019, with subsidiary The New Homes Group (TNHG) moving ahead year-on-year. TNHG reported an income rise of 11%, with the number of new build enquiries up by 12%.
Adrian Scott, Connells group mortgage services director, said: “We are pleased to report another set of good results and further growth for our mortgage business, especially when operating for much of the year within a subdued marketplace.
“Our results demonstrate the strength in our business and, with over 700 mortgage consultants and dedicated phone-based advisors, we are well placed to build on this in 2020.”
He added: “Mortgage Services is a fundamental part of Connells Group’s operation and the business continued to invest in people, technology and processes throughout 2019 to maintain its market leading service to customers and lenders.
“Our focus for 2020 will be to increase efficiencies even further through technology that allows our advisors to work ‘smarter’, deepen relationships with our customers and ensure we deliver on our market leading service.”