The founder of North East estate agency business Pattinson says the group has seen a ‘flying start’ to 2025 following a year in which it strengthened its position on the region’s high streets.
Based at the Silverlink Business Park in North Tyneside, Pattinson operates an estate agency business and auction company and now has 30 offices across the region, having made key acquisitions over the last two years. New accounts covering 2023 have been filed by the firm, which show turnover increased 13.5% to £16.74m, though profit for the financial year dropped 11.8% to £1.78m.
The company said the fall in profitability reflects its “continuing investment in our people and technology, as well as integrating other firms acquired during the year”, which was viewed as essential to safeguard the future growth and success of the business in the years to come.
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In the accounts, director Caroline Pattinson said 2023 was a year which continued to see challenges as well as opportunities.
She said: “The property market continued to be disrupted by the continued increase of the Bank of England base rate throughout 2023. This certainly had an impact on the number of new properties coming to the market and saw more and more landlords leaving the rental market due to increased costs of finance. The increasing popularity of auction has been positive and we continue to innovate in this space.”
After the figures were released, founder Keith Pattinson highlighted work which had been carried out in the months following the year end.
He said: “2024 was a busy year for us on a lot of fronts. We increased the number of offices we have on the high street by taking over two well established estate agents who were choosing to retire in early 2024.
“This has strengthened our position as the agent with the most offices in the region and we maintained our position as the estate agent who sold the most houses in the North East. Whilst banks are retreating from the high street we still see the need to be available to our customers and have a base for our teams to work from.
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He added: “We have expanded our head office into the neighbouring building as the business continues to grow and we continue to invest. The rentals market remains strong although there continues to be a shortage of rental properties and landlords are understandably concerned about some of the proposed changes to rental legislation.
“2025 is off to a flying start and we are on track to increase the number of properties put on the market and sold in January and I am optimistic in the year ahead. I turned 75 last year and we celebrated 48 years of Keith Pattinson Ltd, I had plans to retire but I still enjoy being actively involved in the business, as it continues to grow.”
The company also supports a large number of small North East charities through its Community Foundation fund, as well as the Cash for Kids’ Mission Christmas toy appeal. It has also sold properties on behalf of charities with no sales fees as a way of giving back and supporting charities.