London’s largest independent estate agent is planning to increase recruitment and expand its footprint, following a housing rebound in the capital.
Dexters aims to hire at least 100 new recruits to its training scheme, up from 70 this year, but down from 135 in 2019.
The business will also expand its wider group, which currently includes 15 other brands such as Jacksons and Snellers. This year it expects to add six offices to the 100-strong network.
The group currently employs 1,500 people, with 1,145 full-time staff, under the Dexters brand, across 70 estate agency offices.
The sales and lettings agency is predicting an 18% rise in turnover next year to £125m. This compares to 6% growth this year.
During this year, Dexters had added 160 employees to the group since reopening in May. The business also made redundancies in locations where it said roles needed to change.
Founder Jeff Doble came under fire earlier this year for encouraging staff to travel to work during the nationwide lockdown. Doble called the allegations “deeply unfair” and swiftly moved almost all employees to home working, with 5% left working from two secure premises. The business has since operated with the office doors closed to walk-ins and by appointment only.
The plans come amid uncertainty in the housing market. A boom in sales towards the end of the year is expected to dry up once the government’s stamp duty land tax relief expires next March.
A sluggish London housing market in recent years has seen a number of big brands downsize and close branches, including Foxtons, Marsh & Parsons and Countrywide.
However, many anticipate ongoing strength in the capital, even after the effects of the coronavirus pandemic.
In September, Knight Frank updated its residential forecast with a 3% drop in London sales transactions in 2020 and growth of 4% in central London and 5% in outer London next year. It also predicts drops of at least 8% in London rental transactions in 2020, but growth of 3% next year.
Dexters chief executive Andy Shepherd said: “At a time when we hear reports that other London agents are closing offices and going online, cutting staff and slashing training budgets, Dexters is doing the opposite.
“As our sales and lettings office network matures we expect to increase market share and whilst we are not immune to the challenges in the market, we still expect to grow by continuing to deliver impressive results for our clients.”
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