When the Acquirers Want to Exit: What the Consolidation of the Lettings Industry Really Means...
- Milton Jannusch
- Jul 9
- 3 min read
Over the last five years, the UK lettings industry has seen a steady roll-up of independent agencies, portfolios, and service suppliers. Corporates have moved aggressively, acquiring everything from small family-run portfolios to regional brands with decades of reputation behind them.
And the big question many are quietly asking now is:
👉 Will there be anything left to buy?
👉 And what happens when the acquirers eventually want to sell?
At Pro Property London, we’re watching this unfold closely — not just as service providers, but as industry participants who care about the future of the sector, the people working in it, and the brands being bought and absorbed.
🏗️ What’s Actually Happening Right Now?
From 2020 onward, the lettings market has seen:
📉 Market pressures pushing independent agents to sell
🏢 Corporate groups (and private equity) rolling up agencies at scale
🤝 Supplier consolidation — PropTech, inventories, and services being “grouped” under umbrella brands
🚪 A rise in “quiet exits” — where owners cash out, and local brands fade into bigger networks
The logic is understandable:
🔹 Acquisitions bring economies of scale
🔹 They reduce competition
🔹 They help large players increase recurring revenue and streamline costs
But as more deals close, the supply of high-quality, profitable, well-run agencies is shrinking — fast.
🤔 But What Happens When the Acquirers Want to Exit?
Eventually, the corporates and investment groups who bought up large swathes of the market will look to exit. That’s the private equity model. That’s business.
So the real question becomes:
🧨 What happens when the buyer becomes the seller — and there's no one left to buy?
Three things are likely:
📉 1. Valuations Compress
When acquisition targets dry up, and exit windows narrow, valuation multiples often fall. What was once seen as a premium portfolio may be seen as just another branch of a bloated group — harder to sell, harder to split, and more complicated to transition.
🧑💼 2. Employees Get Lost in the Shuffle
M&A deals often come with:
Restructuring
Centralised operations
Redundancies
Cultural dilution
Great people — the lifeblood of good agencies — may be moved, merged, or exited in favour of spreadsheets and head office KPIs.
🏷️ 3. The Brand Gets Absorbed — or Forgotten
That local brand that built trust over 20 years? Gone. Rebranded. Redirected. Replaced.
In some cases, that works. But in others, landlords and tenants lose the sense of who they’re dealing with, and staff lose the pride in representing something meaningful.
💡 So… Is Consolidation All Bad?
Not at all.
Consolidation can bring operational efficiency, better compliance, and tech investment that small independents may struggle to match. It can also offer founders a well-deserved exit — and give staff access to better systems and training.
But we need to ask the longer-term questions:
What kind of industry do we want in five years?
Are we building for resilience — or just roll-up ROI?
Who’s looking after the people, the clients, and the communities during these deals?
🔄 The Countertrend: Boutique is Back
Interestingly, even as the corporates grow, we’re seeing a quiet revival of boutique, agile, service-led agencies that offer:
✅ Personalised service
✅ Local brand loyalty
✅ Flexible, tech-enabled operations
✅ A deeper focus on relationship over scale
Some agents are even exiting the corporate world to launch new ventures — a full-circle moment in an industry that’s been defined by people, not just portfolios.
📍 Our Take at Pro Property London
We work with letting agents across the spectrum — from independents to corporates. We’ve seen great agencies disappear into M&A black holes, and we’ve seen others grow stronger through smart partnerships.
Our view?
🗣️ Consolidation is inevitable — but legacy is a choice.
Whether you’re building to sell, building to scale, or building to stay — the most important assets you have are:
✔️ Your people
✔️ Your brand
✔️ Your systems
✔️ Your reputation for doing things right
And when the market consolidates further — those are the things buyers, clients, and future acquirers will still value.
📞 Whether you're scaling or preparing for acquisition, we help letting agents run leaner, smarter operations with:
✔️ Independent inventory & inspection services
✔️ Fast digital turnaround
✔️ Landlord-ready compliance documentation
✔️ Scalable, white-labelled solutions for growing brands
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