Foxtons Group shares rose over 4% on Wednesday after the London-based estate agency’s positive first-quarter trading update.
The company reported a 24% year-on-year increase in first-quarter revenue, supported by strong sales activity ahead of the 31 March stamp duty relief deadline.
Group revenue climbed to £44.1m in the three months to 31 March 2025, up from £35.7m in the corresponding period last year.
Sales revenue surged 73% to £16.4m, marking Foxtons’ highest quarterly sales revenue in almost a decade.
CEO Guy Gittins said: “This has been a very strong start to the year, with Foxtons recording its highest quarterly Sales revenue in nearly 10 years.”
He continued: “In sales, operational improvements implemented since 2022, combined with strong market share growth and increased market volumes, drove a 73% increase in revenue. The level of revenue growth demonstrates the scale of the turn-around within Sales, as the business capitalised on stamp duty-driven increased market activity far more effectively than in previous years, such as during the stamp duty relief deadline in 2021.
“Despite ongoing macro volatility, with our market leadership position and resilient business model, I am confident we can drive further growth this year, and deliver long-term value for shareholders, employees, and customers.”
Lettings revenue rose 5% to £25.2m, supported in part by acquisitions made in October 2024, including Haslams in Reading and Imagine in Watford, along with, more recently, Marshall Vizard.
Financial services revenue rose 7% to £2.5m, thanks in part to a 71% rise in revenue from new purchase transactions, though refinance revenue dropped 38% year-on-year.
Gittins added: “In lettings, we produced another robust performance with revenues up 5%, including contributions from our new offices in the Watford and Reading areas. Lettings remains a key area of focus for Foxtons, with high quality non-cyclical and recurring revenues underpinning the Group’s financial profile and driving resilient earnings.
Foxtons share price ended the day at 59.70 +2.40
