Essential market
People always need somewhere to live, whether they buy or rent. That makes demand for sales, lettings and mortgage advice recurring rather than discretionary.
About TPFG
Our Markets.
We operate across some of the largest and most enduring markets in the economy: residential sales, lettings and property management, and mortgage and protection advice. Each is essential, each is becoming more complex for consumers, and together they give the Group a mix of transactional and recurring income that reduces our sensitivity to the property transaction cycle.
Market Drivers
These markets are essential, demand is growing, supply is constrained and they are becoming harder for consumers to navigate. Our combination of sales, lettings and financial services is built to serve customers across all three, and we expect that breadth to become more valuable as complexity increases.
Growing demand
A rising population and longer life expectancy mean the UK is likely to need more homes each year.
Constrained supply
UK housebuilding has consistently fallen short of demand, and a long-term decline in social housing has increased the role of the private rented sector. We expect professionally managed rental property to remain an important part of housing supply.
Increasing complexity
Changes to the home buying process, rental reform including the Renters' Rights Act, and tighter mortgage affordability rules have increased the need for professional advice and support. We believe that complexity favours agents and advisers with scale, compliance expertise and central support behind them.
Key factors
Residential sales
1.16m
Homes change hands each year¹
3.1%
Compound annual growth in house prices, 2005–2025²
142k
New home completions in 2025³
Transaction volumes move around their long-run average with interest rates, affordability and sentiment. House prices have risen over the long term, with variability driven by the wider macroeconomic environment.
We focus on helping our franchisees win more instructions and increase their share of their local sales markets, so the Group can grow in a range of market conditions rather than relying on transaction volumes rising.
- 1ONS UK monthly property transactions
- 2ONS UK House Price Index
- 3MHCLG housing supply indicators
Housing transactions and house price inflation
Source: ONS UK House Price Index; UK housing transactions. House price inflation shown as annual average.
Key factors
Lettings and property management
5.5m
Homes renting privately¹
3.80%
Compound annual growth in rental prices, 2015–2025²
5.6
Enquiries per rental instruction, May 2026³
The private rented sector (PRS) has been stable at c.5.5m homes over the last ten years. Rental price inflation has varied year to year but has grown over the long term. A stable stock of rental homes, rising rents and increasing compliance needs give our franchisees the opportunity to grow their managed portfolios. As those portfolios grow, so does the recurring management service fee income they generate for the Group.
- 1English Housing Survey data on stock profile
- 2ONS Price Index of Private Rents
- 3Zoopla Rental Market Report
Private rented sector stock and rental price inflation
Source: ONS private rental prices; UK PRS stock estimates. Rental price inflation shown as annual average. 2025 figure is an estimate.
Key factors
Mortgage and protection advice
770k
Mortgages approved in 2025¹
£296bn
Gross mortgage advances²
13.8m
Protection policies held in the UK³
The mortgage market has become more complex for consumers: product choice has multiplied, affordability rules have tightened and comparing deals takes expertise. Most customers therefore seek professional advice, and intermediaries such as TPFG now arrange 87% of new mortgage lending.
- 1Bank of England Monthly Mortgage Approvals
- 2FCA / Bank of England MLAR Table
- 3FCA Pure Protection Market Study
Gross advances and new commitments (annual)
Source: Financial Conduct Authority / Bank of England MLAR Table 1.21, not seasonally adjusted, sum of four calendar quarters.
Our network serves these markets. We earn fees as it grows
Our scale, established brands and shared operating platform equip our network to serve all of these markets, with recurring revenue at the core.