We sold, on average, 60% of the properties we were instructed on, with varying results from each branch. This means overall our team were selling better and adapting to the market much better last year which is great to see. This was despite getting 17% fewer instructions and a similar percentage fewer valuations. I have to factor this against the backdrop that this was a market issue not just an Imagine issue. If we consider our market share grew in the three established offices, with Bushey and Watford significant leaders in their patch then those investments in marketing were paying off in relative terms of the total number of properties that came to the market in 2019 compared to 2018. Viewing to sale ratio stayed identical to last 4 years at 20 (it’s been 19, 20 or 21) each of last 4 years. Our average house price increased by 1%. Exchanges and completions were down 15%. Again we have to accept the market was down and I doubt many agents didn’t have a fall-off in income. Market share is our number one measure and so, in this regard, we have to be pleased with the sales year.
New deals increased by 15%, despite the fact we did fewer viewings. Our view to let ratio was under 6 – compared to nearer 8 the year before. We did get more instructions but the most significant figure was that 46% of them were re-lets of our existing stock. Basically the longevity of the business is a result of continuing to give the landlords a good service. Move-ins were up 17% and managed move-ins by 14%, both strong results. Agreed 16% more renewed contracts and a 10% increase in numbers of managed properties. With the intro of Fix Flo as a huge step forward, this team have performed superbly and they’re well-positioned to cope with some continued growth without being overstretched. Overall a really positive year across the board, with New Homes / Land playing a crucial part in providing new stock to our landlords.
A whopping 50% increase in new sales as the benefits of our investment in the Land Department over the last few years started to reap the reward. Average sold price was up 8%, well behind the sales department but due to the volume of flats.