Foxtons Group has reported a landmark first quarter, posting its strongest sales performance in nearly a decade as it capitalised on heightened transactional activity ahead of the 31 March stamp duty relief deadline.
Group revenue rose 24% year-on-year to £44.1 million, driven by a 73% surge in residential sales income to £16.4 million – its highest quarterly sales revenue since before the Brexit referendum in 2016.
The growth was fuelled by strong pipeline conversion, targeted acquisitions and continued operational improvements across its residential estate agency network.
As reported by our sister publication Mortgage Soup yesterday, the Group recorded a 20% year-on-year increase in its market share of completed exchanges (Q1 2025: 5.6%; Q1 2024: 4.6%), underscoring its rebuilt leadership position in London and strengthening presence in key commuter towns.
DEFINING QUARTER
Guy Gittins (main picture), Chief Executive of Foxtons, says: “This was a defining quarter for our Sales business. We’ve re-established ourselves as a leader in residential agency, delivering results well ahead of previous stamp duty deadlines.
“Our operational enhancements since 2022, combined with better adviser productivity and strategic acquisitions, have set the foundation for sustainable growth.”
Lettings, a cornerstone of the Group’s recurring income strategy, generated £25.2 million in revenue – up 5% year-on-year. The performance was supported by the successful integration of Haslams in Reading and Imagine Property Group in Watford, both acquired in October 2024. The Group also completed the acquisition of Watford-based Marshall Vizard during the quarter, scaling its footprint in a key outer-London market.
Gittens adds: “These acquisitions align with our strategy to deepen our presence in high-value commuter locations. They also demonstrate the scalability of the Foxtons Operating Platform, which allows us to integrate bolt-ons quickly and efficiently.”
CONTINUED MOMENTUM
Looking ahead, the Group acknowledged that sales pipelines entering Q2 were around 10% lower than the previous year, due to a front-loaded volume of completions linked to the stamp duty deadline.
However, Foxtons expects strong sales momentum to continue, with potential interest rate cuts acting as a catalyst for further buyer activity.
The Group will host a Capital Markets Event on 4 June 2025 to present its strategy for the next phase of growth.
BUMPER START
Julie Palmer, Partner at Begbies Traynor, said: “There’s no question that Foxtons have had a bumper beginning to 2025. Benefitting from the rush from buyers focused on beating the stamp duty deadline, the estate agent today announced their highest quarterly sales in nearly a decade.
“The main question for London’s leading operator is whether this level of performance is sustainable.”
“Indeed, in this environment, it will have to work hard to ensure its reduced pipeline is not the start of a tailing-off, but encouragingly the lettings side of the business, that is less susceptible to swings in sentiment, looks to be doing well.
“As ever, the spectre of interest rates looms large and a further cut will be decisive in determining market confidence.”
“Foxtons should be reassured by recent remarks from the Bank of England that a cut is on the way. While it’s anything but certain, a cut next month could help mitigate the effect of the recent millionaire exodus from London which many fear has been supressing property prices.”
