Chestertons Reports Record Revenues In 2020
April 9, 2021
London estate agency Chestertons has announced that revenue increased by 6% in 2020 and the agency sold more prime London properties than any other agency, according to figures provided by LonRes.
These figures mean that the company has now been able to deliver four consecutive years of organic growth.
The company was well prepared for the six weeks of lockdown commencing in March and quickly pivoted their service offering by offering virtual tours and remote valuations and quickly enabling home working for the majority of staff. They were therefore well prepared for the surge of buyers and tenants that were clamouring to move once restrictions were lifted and increased revenue from its lettings division by 8% and from its sales division by 7%.
According to LonRes, Chestertons increased its market share and sold more properties than any other agent in Prime London in 2020, selling 11.8% of all properties sold in Prime London in 2020, compared to 10.6% in 2019. Figures show that in the space of four years since 2017, it has also increased its market share in the ultra-competitive ‘Prime Central London’ region from 6.6% to 8%.
Salah Mussa, Chairman of Chestertons, commented: “The business has proved itself to be highly resilient and capable of delivering growth in the toughest of markets and the most demanding of conditions. We are expecting 2021 to be another challenging year but we are confident that the market will quickly return to normality when restrictions eventually ease and Chestertons will be best positioned to continue to deliver industry-leading results.”
Chestertons’ Chief Executive, Guy Gittins, added: “To have successfully navigated our way through one of the most challenging years in living memory and deliver a fourth consecutive year of organic revenue growth is an achievement of which we are incredibly proud and testament to the relentless hard work and dedication from every single person at Chestertons.
“The team’s determination and willingness to adapt, combined with Chestertons’ progressive culture, continues to drive the business forward and was recognised by our winning of Lettings Agency of the Year at the recent Resi Awards and also by LonRes when they confirmed we had sold more properties in Prime London than any other agent in 2020”.