Foxtons has delivered another strong year of earnings growth, exceeding market expectations and reinforcing its status as a leading force in the UK property sector. The company’s strategic initiatives, including aggressive acquisitions, operational efficiency, and a strong lettings division, have all contributed to significant profit expansion.
Now, as the market stabilises, Foxtons is positioned to capitalise on emerging opportunities in both sales and lettings, with 2025 shaping up to be another crucial year.
In its latest trading update on Tuesday this week, Foxtons reported an 11% rise in total revenue, reaching approximately £163 million in 2024, up from £147.1 million in 2023.
More notably, adjusted operating profit surged by 33% to around £19 million, highlighting the company’s ability to translate revenue gains into higher margins.
EFFICIENCY-DRIVEN
Indeed, this profitability boost is a testament to Foxtons’ efficiency-driven business model, which has successfully weathered external economic pressures while utilising data-driven decision-making to optimise operations.
The combination of organic growth and strategic acquisitions has built up the company’s financial position, enabling continued reinvestment in its core business areas.
RESILIENT REVENUE STREAM
As with many agency Groups, Foxtons’ lettings division remains the backbone of its revenue stability. In 2024, lettings revenue grew 5% year-on-year, with fourth-quarter figures showing an 11% increase from the same period in 2023. The division’s strong performance is driven by continued demand for rental properties, fuelled by supply constraints and shifting homeownership trends.
And unlike property sales, which are both cyclical and sensitive to the wider economy around us, lettings provide a recurring revenue stream that underpins cash flow stability. Indeed, its strategic expansion into high-demand commuter towns only enhances its ability to capture market share.
BUY BABY, BUY
Foxtons is not exactly known for its softly, softly approach on the High Street and its aggressive acquisition strategy has been instrumental in its recent expansion.
The company snapped up Haslams Estate Agents and Imagine Property Group in October 2024, adding 2,900 tenancies to its portfolio for a combined investment of £12.6 million, strengthening its footprint in high-growth areas in London’s commuter belt such as Reading and Watford.
And it seems that with these acquisitions performing in line with expectations, Foxtons is likely to pursue further bolt-on acquisitions as part of its broader market penetration strategy. The ability to integrate new businesses effectively while maintaining profitability will be a crucial test for Foxtons in 2025 and beyond.
MARKET REBOUND
Foxtons’ sales revenue surged by 30%, driven by a 20% market share increase and a 10% recovery in London transaction volumes. While average sales prices remained flat, the company’s ability to limit sales-related operating losses contributed significantly to overall profitability.
It’s nothing short of a market rebound, bolstered by a strong pipeline of under-offer properties. With first-time buyers accelerating purchases ahead of stamp duty hikes later this year Foxtons has kicked off 2025 with its strongest sales pipeline since 2016.
But could choppy waters lie ahead? Sales are of course tied tied to broader macroeconomic push and pull factors. Should rate cuts materialize at a faster pace – the Bank of England makes its next decision on Thursday next week – buyer confidence could improve, pushing both transaction volumes and profitability.
FINANCIAL SERVIECS
Foxtons’ financial services division, Alexander Hall, also delivered solid growth, with revenues rising 6% and Q4 revenues up 15% year-on-year. Under the leadership of new Managing Director Richard Merrett, appointed in January 2024, the division has undergone a strategic overhaul focused on adviser productivity and capitalising on market improvements.
And with mortgage rates somewhat stabilising and buyer activity increasing, the brokerage could be well-positioned to add even more to the Group’s revenue mix.
OUTPERFORMING

Just yesterday industry expert and TV pundit Russell Quirk highlighted Foxtons’ outperformance against its peers, noting its ability to double its share price since 2022, adding £100 million to its market capitalisation. Comparatively, competitors such as Savills and LSL have seen their share prices decline by 15% and 25%, respectively.
Foxtons’ focus on data-driven decision-making, lead generation and an aggressive growth mindset has no doubt been central to this success. The company’s shift towards a culture of “winning” and operational excellence under Chief Executive Guy Gittins (main picture) has reinvigorated its market position, providing a competitive edge in a challenging landscape.
CONTINUED RESILIENCE
Looking ahead, Foxtons says it anticipates continued resilience in lettings, supported by robust tenant demand and healthy stock levels. In sales, early indicators suggest above-2024 buyer activity levels, though interest rate movements and economic sentiment will play key roles in shaping performance.
With a strong opening under-offer pipeline, Foxtons has the potential to sustain its growth trajectory, provided external economic conditions remain supportive. The company’s strategic priorities – using technology, expanding market share and pursuing targeted acquisitions – will be critical to maintaining its momentum.
As Foxtons prepares to publish its full-year results on 5 March 2025, investors and industry watchers will be keen to see if the company can sustain its upward trajectory and further consolidate its position as a market leader.
Watch this space.