London’s largest independent estate agency, Dexters, has announced a 23% increase in revenue for the 2024 financial year, reaching £222 million, up from £181 million in 2023. This growth is primarily attributed to a 31% surge in lettings revenue, which now accounts for 62% of the company’s total income. Underlying operating profit also rose by 17%, reaching £47.2 million.
The company’s performance is closely tied to London’s vibrant rental market, where rents have increased by 11.6% over the past year. This rise is due to a persistent imbalance between supply and demand, exacerbated by individual landlords exiting the market due to low yields and tighter regulations.
Dexters has capitalized on this market trend through strategic acquisitions, including the purchase of Keatons, which added 2,500 properties to its portfolio. CEO Andy Shepherd expressed confidence in London’s enduring appeal, noting that the capital continues to attract both domestic and international buyers and tenants.
The timing of this announcement is significant, as it coincides with the company’s release of its 2024 Report and Accounts for the financial year ending 30th September 2024. This report provides detailed insights into Dexters’ financial performance and strategic initiatives, offering a comprehensive view of its operations during a period of notable market activity.
As the London property market continues to evolve, Dexters’ robust performance underscores its adaptability and strategic positioning in a competitive landscape.
