Knight Frank cashes in on property boom with 33pc jump in profits
Property group urges clarity on housing and infrastructure policy, as it unveils significant jump in both profits and turnover
Soaring property prices have helped estate agent Knight Frank to record annual profits, up a third to £136.6m.
The estate agent and commercial property group said turnover was also up 12pc to £392.7m in the 12 months to March 31 - a period during which house prices in the UK jumped by 8pc.
Alistair Elliott, group chairman and senior partner of Knight Frank, said the profits boost was delivered despite a “substantial” investment in the business; Knight Frank has recently opened offices in Ireland, Germany, South Africa, Taiwan and Malaysia and has been expanding its presence in the North American commercial property market.
Mr Elliott said house prices in the UK have been kept high by a lack of new housing stock and urged clarity over housing and infrastructure policy as the political parties enter the general election race. However, he added that signs of increasing housing supply in some areas will “help normalise certain markets”.
There have been a few early signs of a housing market correction, with homeowner borrowing falling between July and August.
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LONDON (Alliance News) - The average asking price for a house in the UK was flat on month in September, property tracking website Hometrack said on Friday - snapping a string of 19 straight months of gain.
That followed the 0.1% increase in August.
Among the individual components of the survey, new buyers with agents, volume of property listings, sales agreed and asking price achieved all moved lower in September.
On a yearly basis, prices climbed 5.0%, slowing from the 5.5% increase in the previous month.
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