PPM specialised in residential lettings and property management within the Burton Waters development, just outside Lincoln.
The company was established three years ago by Freya Leary and her mother Lorraine Poutney, but the duo simply decided the time was right to sell the business.
Poutney said: “We only wanted to sell to a reputable company that would continue to offer the high standard of service provided by PPM Lets to landlords and tenants.”
Mundys have been operating in Lincoln for over 50 years and have won Best Estate Agency in Lincolnshire at The UK Property Awards for the last four years.
Mundys partner Steven Spivey believes that expanding the letting department is beneficial due to the current economic climate.
He said: “The rental market is extremely buoyant at present because many people prefer the flexibility of shorter term, more flexible living or simply can’t afford the deposit needed to buy their own home.”