A substantial growth to nearly 60% of the commercial property market in Coventry and Warwickshire was achieved by Bromwich Hardy during 2024.
The company commanded 57.5% of all deals in the area during the 12 months to December, up from 34 per cent in 2023, with the number of deals it handled increasing to 123, up from 93.
The impressive figures were revealed at the launch of Bromwich Hardy’s Barometer 2024 on Friday, a publication that contains a wealth of facts, figures and narrative about the office and industrial market across Coventry and Warwickshire.
The launch at the Riverside Glasshouse in Leamington Spa was attended by more than 120 people who also heard that Bromwich Hardy’s total sales in 2024 added up to more than £21.3 million, 58% higher than in 2023.
Tom Bromwich, managing partner of Bromwich Hardy, said: “We experienced a tremendous 12 months of growth in 2024, which was not bad considering it was a year of economic uncertainly in the run-up and aftermath of a change of government.
“Our progress was helped by major property players knowing the general election was a predictable result, and although what many saw as an ‘anti-business’ budget followed, that too was only to be expected in a new Labour government’s first year.
“This calmness is what comes from having such a mature democracy and it meant that despite the tough environment the commercial property market remained busy.
“That said, there have been issues, the biggest one being the length of time it takes to complete a transaction from when a deal has been agreed in this country.
“This is a direct result of both the planning and conveyancing systems being broken here in the UK, and we would urge the government to act as soon as possible to prevent transactions getting so bogged down by such failures.”
Other highlights revealed in Barometer 2024 saw a continuing growth in the uptake of Bromwich Hardy’s professional services, with 6% more valuations completed in 2024 than in 2023, and an 8% increase in the total value of properties valued.
The company also grew its property management arm of the business, with the units it now looks after rising by nearly 7% to 803 across the country, up from 752 in 2023.
Even lettings, which felt the economic chill more than sales, saw Bromwich Hardy record a 0.6% rise in industrial sector deals, with rents totalling more than £3.85 million, and there was an 18% growth in retail and leisure sector deals.
The company also reported that it had collected well over £9.9 million in rent for its clients during the year, representing 99% of what was owed.
All this busy activity saw Bromwich Hardy’s team grow from 13 at the beginning of 2024 to 18 today, with another senior recruit due to start at the end of the month.
Guest speakers at the Barometer 2024 event included Gerard Ludlow, a director of Stoford Properties, who gave detailed insights into his company’s role in the £200 million development of the 100-year-old Typhoo Tea factory in Digbeth, Birmingham, the BBC’s new regional headquarters.
Also speaking was Grant Lonsdale, senior director of market analytics at CoStar, who gave the audience the very latest data on the commercial property market.
The Barometer 2024 publication can be viewed here. bh-barometer24-25-lores.pdf