London-based agency Dexters’ long-standing commitment to growth through acquisitions continues apace.
Over the weekend it was announced that the agency – now London’s biggest – had acquired Howsy, a digital property management and lettings business.
The purchase, for an undisclosed amount, is described by Dexters as a key step in implementing its expansion strategy, alongside the new office growth announced in 2021.
Thanks to new partnerships with estate agents Roy Brooks, Douglas Martin, Peter James and Sebastian Roche, Dexters says its dominant market share in London has increased further.
Andy Shepherd, Managing Director of Dexters, said: “In February 2021, we announced a growth strategy through the acquisition of competitors and the expansion of the group’s digital activities. This acquisition of Howsy marks a key step in the implementation of this plan. The increased digitalization of our lettings business in London using Howsy’s innovative ‘smart technology’ will help Dexters grow its residential lettings service while maintaining our excellent property management and tenant focus. »
The agency says that in the sales and rental business, it has maintained consistent growth, increasing revenue by an average of 15% per year over the past 10 years.
Howsy manages the property management of 6,000 units across the country. Dexters has some 70 offices in London and under the new agreement Howsy will continue to manage and liaise with its existing owner clients, while sharing its technology with Dexters.
Meanwhile, Dexters will continue its own extensive lettings portfolio – it works with over 30,000 landlords and facilitates over 28,000 property transactions across London a year.
In February 2021, Dexters announced a partnership and major financial backing from Oakley Capital with a growth strategy of opening new offices, acquiring smaller competitors and also expanding the group’s digital business to enable Dexters to provide its services through multiple channels.
Dexters’ portfolio of prime properties in central London includes sales from £2m to £35m and rentals from £1,250 per week to £30,000 per week.
Within its network of 70 branches, it has prime offices in central London in Mayfair, Marylebone, Fitzrovia & Covent Garden, Westminster, Pimlico, Chelsea, Chelsea & Belgravia, South Kensington & Knightsbridge, Kensington, Notting Hill , Westbourne Grove and Hyde Park & Bayswater.