Foxtons: London estate agent boosted by strong property market

London estate agent Foxtons delivered a third quarter of consecutive growth over the last three months, with revenue climbing eight per cent.

Revenue at the estate agent climbed to £47.4m for the three months to 30 September, bringing total revenue for the nine months to the end of September to £125.9m, 10 per cent higher compared to 2023.

Lettings revenue stayed flat over the last year while revenue from sales jumped by more than a third to £13.5m – the highest for the quarter since 2015.

The company benefitted from higher transaction volume in the property market.

Foxtons’ transaction volumes in the quarter were 34 per cent higher than the prior year, compared with the wider market, which saw transaction volumes grow 13 per cent against 2023’s historically low levels.

Over the first nine months of the year, revenue from sales totalled £35.1m, compared to less than £27m in 2023.

Foxton’s chief executive Guy Gittins said: “This growth was supported by a resilient performance in Lettings, which continues to provide a valuable stream of recurring and non-cyclical revenues.”

“We enter the final quarter with optimism: our sales agreed pipeline is 23 per cent higher than this time last year, sales volumes in our markets continue to recover, and we are well placed to continue to unlock the value within our business.”

“Our balance sheet and cash flow remain strong which will continue to support our growth and value creation initiatives, including both organic investments and synergistic lettings acquisitions,” Gittins added.

“We are on-track to deliver increased profitability in 2024, in line with consensus, and we continue to make progress towards our medium-term target of £25m to £30m adjusted operating profit.”