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Chestertons News 26 August 2020

Chestertons revenue grows despite pandemic

Chestertons managed to continue its growth in the first half of 2020 despite the huge disruptions to the market caused by Covid-19, increasing company revenues by 1% between January and June.

Although recent research shows that the number of people moving home in the first half of 2020 fell by 25% in Greater London*, Chestertons’ revenues from its sales division dipped by just 1% during that at period. Meanwhile, its lettings division – which has just acquired the Morgan Randall lettings business - saw positive growth of 2%, despite the lockdown restrictions bringing the market to a standstill for seven weeks.

One of its strongest performing departments was Central London Sales, where revenues were up 27% from last year and data from LonRes showed that it had sold more properties so far this year than any other agent.

Guy Gittins, Chestertons' Managing Director, commented: “We have been focused on adapting and innovating to ensure we can continue to do business in all circumstances, without putting our clients, customers, suppliers or staff at risk.

“Although the lockdown had an immediate and dramatic impact, the market has bounced back quicker than most of us dared to hope and both our sales and lettings departments are now busier than ever making up for lost time. We expect a solid second half of the year and to be able to announce a fourth consecutive year of growth at the end of it.”

“Everyone across the business has been quick to adapt to the ‘new norm’ and working flat-out to help us achieve these results, for which I am very grateful and incredibly proud.”

*Lloyds Bank Home Mover Review – August 2020