Dwelly, a fast-growing estate agency, has completed its eighth acquisition of 2026, expanding its portfolio with the addition of over 500 managed properties from AP Morgan's lettings business. The deal takes Dwelly's total managed properties to almost 14,000.
The acquisition reflects growing demand from estate agency owners looking to sell their lettings businesses while focusing on residential sales. Dwelly said this trend is driven by the increasing complexity of the lettings sector, prompting agency owners to seek a partner specialising in property management and compliance.
AP Morgan, founded in Redditch, has established a presence across the Midlands through its residential sales and lettings operations. The firm's lettings business will join Dwelly, while the founding team retains ownership of the sales business. The existing lettings management team will remain in place, ensuring continuity for landlords and tenants.
Sam Humphreys, head of M&A at Dwelly, noted that the acquisition reflects confidence in the model built by Dwelly. He stated that agency owners are increasingly seeking a partner that can help them navigate the complexities of the lettings sector.
The deal was brokered by Atomic Consultancy, and Joe Phillips, director of AP Morgan, said finding the right long-term home for the lettings business was crucial. He added that Dwelly's partner-like approach and recognition of the value of the team and relationships made it an attractive partner.