Commercial and residential property specialists Landwood Group has seen turnover rise sharply despite facing an “immensely challenging” start to the financial year.
According to information shared with Residential People, the firm made a 70% increase in turnover during the current fiscal year as the shift towards online auctions during the coronavirus pandemic, as well as high demand for their asset management services, drove demand through the roof.
However, despite ultimately finding light and success at the end of the tunnel, the lockdown restrictions were initially a challenge for Landwood, who saw business fall off a cliff when the lockdown was first announced last March – resulting in a 40% drop in turnover by the end of the first quarter.
Despite this initial challenge, the Manchester-based group clawed business back when the property market reopened – to have their fastest year of growth on record – resulting in a turnover of 70% higher than the previous year.
Commenting on the turnaround, Mark Bailey (featured image), Landwood Group Managing Director, said: “We are delighted to see such strong results after a period of great uncertainty in the first half of 2020 caused by the pandemic.
“It hasn’t been smooth sailing. The first lockdown saw the property market grind to a halt and close completely, with activity only really coming back towards the middle of the year.
“Despite the cliff edge we faced in March, the overall trend towards online transactions has worked in our favour, offsetting the drop in turnover we saw in Q1 and Q2.
“We’ve seen strong performance in all four of our service lines, with our asset management, building consultancy and online auction divisions growing rapidly.
“Landwood Property Auctions has been delivering pure online auctions for more than two years before the pandemic hit – meaning we were ideally placed to lead this shift – a shift that we believe will outlast the pandemic as people and businesses are now comfortable making large purchases online.
“Online auctions are safer, easier and more flexible for all parties involved. We have never staged an in-person auction and we don’t ever plan to, so we believe ourselves to be experts in our field.”
Since the property market reopened following the initial lockdown last year March, Landwood has seen more businesses – as well as local authorities – using its online auctions to dispose of assets and commercial property.
Landwood’s asset management division has won a number of new commercial clients during the year, and its Project and Building Consultancy Division also got off to a strong start as it was instructed on a national portfolio of 62 commercial properties in December.