In its interim results, Belvoir announced that its revenues for the first six months of 2022 had jumped by 12 per cent from £13.8m to £15.4m, 11 per cent of which was down to corporate acquisitions.
These included the purchase of Nottingham Mortgage Services in July 2021 and the TIME Group in May this year. As a result, revenues from the financial services division rose 20 per cent to £7.7m, while the number of advisers within the Belvoir Network has grown from 221 in the first half of 2021 to 301.
Written mortgages up 15%
According to the interim results, the level of written mortgage business over the first half of 2022 is up by 15 per cent “but the longer timescales to complete on house sales has delayed the conversion to banked income so, as with property sales, the pipeline of written mortgages remains high”.
Belvoir stated that the ongoing demand for property, both to buy and rent, underpinned its confidence in the sector for the rest of the year, noting that it had remained “resilient” despite the challenges faced already in 2022.
It added that the drop in the number of purchase mortgages had been mitigated by both an increase in the average value of these transactions, as well as a jump in remortgage activity.
“At the same time, there has been less product transfer activity as current product terms are less favourable than those already in place for most mortgage-holders,” it continued.
