Spicerhaart has posted a robust performance for the year ended December 2024, with group turnover rising by 8% from £126.0 million to £136.1 million – marking a successful year of growth and innovation for the estate agency group.
While improved market conditions played a part, the results were largely driven by strategic investments, including the launch of the Spicerhaart Training Academy and an 8.3% rise in headcount at year-end – moves aimed at supporting the group’s long-term expansion plans.
Despite the increased investment spend, the company also reported a £4.6 million boost in profits, reflecting strong operational performance and a focus on sustainable growth.
Enhanced productivity across 2024 helped Spicerhaart achieve a significantly stronger combined closing pipeline, reaching £33.8m by year-end. With additional pipeline growth in early 2025, the total now stands at approximately £39.7m.
The group continues to maintain a debt-free position and remains on firm financial footing, reporting net assets of £21m. Meanwhile, cash reserves rose to £22.8m, positioning the company to continue investing in strategic growth initiatives, including acquisitions and business development across key markets.
Estate agency turnover increased by 5%, supported by falling interest rates and greater economic stability. Meanwhile, residential lettings saw an 8% uplift in turnover, driven by rising rental prices and expanded ancillary services.
Spicerhaart’s Financial Services division delivered a standout performance in 2024, with a 10% rise in combined turnover, reflecting the strength of its diversified revenue model.
Growth was particularly strong among new homes brokers, who saw turnover rise by 16%, and the B2B network of self-employed advisers, which delivered an 11% increase. Meanwhile, branch-based financial services rose by 8%, underscoring the group’s multi-channel success.
Corporate sales also experienced robust momentum, with turnover up 14%, supported by a strong pipeline of B2B partnerships in repossessions and part exchange deals.
In line with broader market activity, surveying income rose 17%, mirroring a 21% increase in mortgage approvals (according to the Bank of England), and highlighting Spicerhaart’s strong positioning within an improving mortgage market.
Looking ahead, the company says the Land and New Homes division is well-placed to seize emerging opportunities, boosted by policy shifts favourable to housebuilders and developers.
Spicerhaart founder and chairman, Paul Smith, said: “2024 was a year of progress, investment and growth. Our teams have delivered exceptional results across the board, and we’re excited about the opportunities ahead.
“With an incredibly strong pipeline and improving market conditions, backed by a multi-million pound increase in marketing expenditure, we’re well positioned to acquire more businesses and accelerate growth in 2025 and beyond.”
