Foxtons today released a trading update showing year-on-year revenue growth in both Q3 and year-to-date. Q3 revenue rose 3% to £49.0m, while year-to-date revenue increased 7% to £135.1m, supported by strong performance in Lettings.
Non-cyclical, recurring revenues made up 71% of total Group revenue in the quarter, helping to offset weakness in the sales market caused by lower consumer confidence and uncertainty around the delayed Autumn Budget.
Lettings
Q3 revenue rose 5% to £33.4m, up from £31.6m in Q3 2024. This growth was driven by £0.6m of like-for-like increases, supported by operational improvements that enhanced portfolio retention and boosted new deal volumes, alongside rental price growth. Acquisitions added £1.5m in incremental revenue, partly offset by a £0.3m decline in interest on client monies.
Year-to-date revenue increased 5% to £88.0m, compared to £84m for the same period last year. This includes £4.4m from acquisitions and a £0.8m reduction in interest on client monies.
Sales
Q3 revenue fell 7% to £12.5m, down from £13.5m in Q3 2024, driven by lower exchange volumes amid reduced market transactions. Buyer activity in London slowed year-on-year, affected by deals pulled forward to Q1 ahead of the stamp duty deadline, limited interest rate cuts, and uncertainty over the delayed Autumn Budget.
Year-to-date revenue rose 12% to £39.4m, up from £35.1m in the same period last year, reflecting a strong Q1 performance as the Group benefited from elevated transactions ahead of the March 31, 2025 stamp duty deadline.
Financial Services
Q3 revenue rose 37% to £3.1m, up from £2.3m in Q3 2024, driven by increased refinance activity. New purchase mortgage revenue remained steady despite a weaker sales market. This reflects the resilience of the refinance portfolio and progress in lead generation and adviser productivity.
Year-to-date revenue increased 12% to £7.7m, compared with £6.8m in the same period last year.
Renters’ Rights Bill
As the Renters’ Rights Bill nears its final stages in Parliament, Foxtons says it is well-positioned to support landlords through the upcoming regulatory changes by providing expert guidance and expanding its high-margin property management services.
People and culture
In October 2025, Foxtons launched its new people initiative, ‘Getting It Done. Together’ (GIDT). The framework brings together key elements of the Group’s people strategy and guides how the business works collaboratively.
Share buyback
On 8 September 2025, the Group announced the commencement of a further share buyback programme of up
to £3m, following on from a previous £3m programme completed on 5 August 2025. As at the end of trading on
22 October 2025, a total of 7.7m shares have been bought back for a total consideration of £4.3m on a year-to
date basis.
Cost optimisation
As part of its cost optimisation strategy, the Group is advancing its planned head office relocation, which is set
to deliver meaningful cost savings from January 2026 by significantly reducing the size of the head office.
Outlook
Foxtons expects Lettings to perform in line with year-to-date trends for the remainder of the year, providing a stable earnings base.
Sales are likely to remain subdued, particularly ahead of the delayed Autumn Budget, which is creating market uncertainty and making Q4 sales revenue difficult to predict. There is a risk that Q4 sales revenue may fall below management’s expectations.
Full-year adjusted operating profit is expected to be between £21.5m and £23.2m (2024: £21.6m), with the range reflecting uncertainty over the conversion rate of the sales pipeline.
Despite current sales market weakness, the Group anticipates medium-term growth. The focus on Lettings continues to support stable earnings and offers growth opportunities. Sales conditions may improve following greater clarity from the Autumn Budget and potential interest rate cuts. With rebuilt operational capabilities, the Group is positioned to respond as volumes recover.
Guy Gittins, CEO, said: “We have delivered another quarter of growth driven by our strategic focus on Lettings and its recurring revenues, which helped offset a softer Sales environment. Lettings remains the central part of our growth strategy, underpinned by our leading market position and strong landlord proposition. Recent acquisitions in Reading and Watford are performing well, and we continue to build a pipeline of Lettings focused acquisitions.
“Macroeconomic uncertainty and speculation surrounding the delayed Autumn Budget has resulted in a subdued
sales market as some buyers adopt a ‘wait and see’ attitude to purchases. There remains significant pent-up
demand in the London volume market and we believe market conditions will improve once there is better clarity
following the Budget, providing a more positive backdrop as we execute against our growth strategy.
“Looking ahead, we remain confident about the medium-term and our ability to execute against the strategy we
set out at June’s Capital Market Event.”
Rental values remain ‘strong’ despite increased stock levels – Foxtons
