Business

Portico announce North West short-term letting expansion

Warren Lewis
|
5th February 2019
north west map

London sales and letting agency, Portico, has announced that it has expanded its operations into the North West of England with the opening of its short term letting service, Portico Host, in Manchester and Liverpool.

Its first venture outside the Capital, Portico Host has tied up with local coffee shops to bring short term letting services to landlords and property management to Airbnb hosts in a more relaxed setting. In Manchester, the agency has partnered with Pot Kettle Black in Barton Arcade, whilst in Liverpool, the Portico team will be based remotely, with the plan to tie up with a coffee retailer soon.

The expansion into the North West is driven by the company’s strategy to diversify its offering and is led by its partnership with Airbnb. Portico intends to open in places where there is an active property market and clear opportunities for further growth. The company is also looking at other potential openings in the North of England.

In 2018, Portico became one of only four letting agents in the UK to be appointed to the professional co-host programme run by Airbnb. Through the professional co-host programme, Airbnb will share with Portico best practices, provide additional support and enable further technological integration.

New Business Director Fiona Patterson has watched Portico Host grow from an idea to a thriving business. Patterson said: “It’s no secret that the lettings industry is evolving, and at Portico, we intend to change with it. After the success of Portico Host in London and our appointment to the Airbnb professional co-host programme, it seemed only natural to bring our award-winning service to the best place for landlords to invest in the UK. Liverpool and Manchester share a vibrant Airbnb and letting market, enabling Portico landlords to achieve better yields for their properties.“

Liverpool and Manchester are two of the best places to invest in property in the UK, in terms of the return long term investors can achieve. In certain parts of Liverpool, landlords can expect to achieve a rental yield of circa 9-10%, whilst in Manchester, landlords can expect to achieve a yield of 6-9%.

This new venture will be led by Rachel Dickman, who joins the team as Portico’s Regional Manager for the North West. Dickman is an industry veteran, with experience working with property agents such as YOPA and Countrywide. Joining Dickman is Emma O’Rourke, who has been appointed Portico Host Manager for Manchester.

Dickman said: “This is an exciting time to be in the property industry. The North West is a natural next step for Portico Host, as Airbnb short term rentals generated over £37 million in revenue in 2018 alone, according to Airbnb’s most recent insight report, and boosted the overall UK economy by £3.5 billion. I look forward to bringing Portico Host to the North West’s vibrant marketplace.”

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