LONDON (ShareCast) - The booming UK housing market is set to drive better-than-expected annual revenue at British estate agent franchisor M Winkworth.

Winkworth said improving sales and strong price rises in the London market drove a 24% rise in group revenue in the third quarter of the year.

"Directors of the company anticipate full-year revenues being ahead of market expectations," Winkworth said in a trading update.

Government sweeteners for home buyers such as Help to Buy has boosted sentiment while cheaper mortgages and greater job security and prospects underpinned the family house market, the company said.

The country market recovered and while buoyant demand for family homes is set to keep the London market strong next year, Winkworth expects some of its new agencies outside the capital to provide the biggest uplift.

The group expects improved demand to offset the government's decision to end home buyers' access to the Funding for Lending scheme in January.

Deals next year are likely to rise at a similar rate to this year's 15% and average prices are set to increase by 5% in central London and south-east England and by a tenth in the London suburbs.

"We believe that, in 2014, many that have held off buying in the countryside and instead kept their money in London will look to take advantage of the value gap that has opened up and make a lifestyle choice to move out," Winkworth added.

PW

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