More than half of The Property Franchise Group's shareholders support the deal with Belvoir, it has been confirmed.

The group's results for the first six months of the year pick up after a dip at the end of last year, with revenue and profit both up.

Pressure on interest rates from the mini-budget forced a small dip in pre-tax profits at Belvoir, down slightly to £9.1 million from £9.3 million, the franchise group reported this morning.

Hampshire agents Rob Forsyth and Jacob Felix from Belvoir Tadley have snapped up another territory in Reading just four months after their last.

Franchised agency giant says it is designed for agents who run successful sales or lettings firms but who would like the backing of a well-known national brand.

Industry corporate says increased rental transactions mitigated the drop in number of homes coming to the market as sales 'normalises'.

Grantham-based business says its more sober image is designed to reflect its increasing involvement in the financial services sector.

The deal, which is for an undisclosed sum, is said to fit Belvoir's strategy of buying up franchised estate agency competitors with potential for growth.