Estate agency franchisor M Winkworth (WINK) climbs 3.7% to 141p as chief executive Dominic Agace highlights his confidence in the business by expanding his shareholding.
Agace splashed out some £6,000 on 4,500 shares in the 90-branch business at 138p each. The deal takes his interest in Winkworth to 4.3%. This follows finance head Christopher Neoh buying 57,000 shares on December 1.
Pre-tax profits for the £17.9 million cap are forecast to rise by 15.7% to £2.2 million in 2016 after a flat 2015 largely thanks to uncertainty surrounding the general election in May, according to a Liberum note.
It appears there could be more to come with house prices increasing 4.5% nationally in December, up from 3.7% in November, according to the Nationwide Building Society. House prices are expected to rise by 50% in the next decade, according to the National Association of Estate Agents.
Insufficient supply to meet rising demand has led to 10 buyers chasing every home on the market and Winkworth is set to benefit from rising prices and rising fees.
Winkworth has almost 60 offices in London and presences in Portugal and Spain and associates in France, Italy and Switzerland.
