Editor's note: This brief was summarised by The Property AI Team from a report by PropertyWire. Read the original article for full details.
Knight Frank Begins Redundancy Consultation Amid Revenue Growth
Knight Frank has initiated a redundancy consultation process affecting less than 3% of its UK workforce, despite reporting a 6.3% increase in annual revenues. The agency has not disclosed which departments or how many roles are under review.
A spokesperson for Knight Frank confirmed that the consultation is underway, stating that it would be inappropriate to comment further while the process is ongoing. No timeline has been provided for when final decisions on redundancies will be made.
Financial Performance and Market Context
The redundancy consultation follows Knight Frank’s report of UK revenue reaching £405.1 million for the year to March 2025, an increase from the previous year. However, this figure remains below the post-pandemic peak of £418.5 million in FY2022 and £409.5 million in FY2023.
The restructuring comes amid broader pressures in the property sector, as agencies respond to lower transaction volumes and ongoing economic uncertainty. Many property businesses are focusing on cost control and margin protection in response to these challenges.
Sector Trends
The move by Knight Frank occurs during a period of mixed trading conditions across both residential and commercial property markets. While there have been signs of improved activity in recent months, transaction volumes remain below the levels seen during the post-pandemic surge. Agencies continue to adapt to changing client requirements and economic headwinds, with market activity varying across different regions.
Knight Frank has not indicated when the consultation process will conclude or when final decisions regarding redundancies will be announced.
Source: PropertyWire