Foxtons has reported a rise in full-year revenues for 2025 and confirmed the acquisition of Cauldwell Property Services, strengthening its presence outside London in the fast-growing Milton Keynes market.
In an unaudited trading update for the year to 31 December 2025, the listed estate agency group said total revenue increased by around 5% to approximately £172m, up from £163.9m a year earlier.
Adjusted operating profit came in at about £22m, broadly flat year on year, as the business chose to maintain sales headcount despite a slower housing market in the second half.
Lettings continued to underpin performance, contributing around 64% of group revenue and delivering earnings stability amid sales market volatility. Lettings revenue rose by about 5%, supported by acquisitions, while operating margins were maintained despite lower interest earned on client monies.
INCREASED SALES REVENUE
Sales revenue also increased by around 5%, although this masked a like-for-like decline of roughly 2%, offset by acquisitions. Foxtons said trading was particularly strong in the first quarter ahead of the March stamp duty holiday, before activity slowed amid wider economic uncertainty and disruption around the Autumn Budget.
Financial services revenue grew by about 10%, driven by higher levels of refinancing activity and increased new purchase mortgage volumes following operational upgrades.
Foxtons also highlighted a number of strategic developments during the year, including the appointment of James Stevenson as managing director of sales, the completion of its HQ relocation – expected to deliver around £1.5m of annual cost savings from January 2026 – and the launch of an exclusive partnership with IAG Loyalty allowing customers to collect Avios.
In addition, the group returned £9.1m to shareholders through dividends and share buybacks and increased its revolving credit facility from £30m to £40m to support acquisitions.
NEW ACQUISITION
Earlier this month, Foxtons completed the £6.5m acquisition of Cauldwell Property Services, a leading independent agent in Milton Keynes, with £0.8m of the consideration deferred and linked to performance targets.
Cauldwell generated unaudited revenue of £3.1m and operating profit of £0.8m in the 12 months to November 2025, with around two-thirds of income coming from lettings.
Foxtons said Milton Keynes offers strong growth prospects, supported by population growth, new homes delivery and its position within the Oxford–Cambridge Growth Corridor. The Cauldwell directors will remain with the business post-acquisition.
Looking ahead, Foxtons said lettings is expected to remain resilient in 2026, while sales revenues in the first quarter are likely to be lower than last year due to a weaker under-offer pipeline. The group said it expects to deliver revenue and profit growth over the year, supported by recurring lettings income and further acquisitions.
REVENUE GROWTH
Guy Gittins (main picture, inset), Chief Executive of Foxtons, said: “Despite economic headwinds and fiscal events creating uncertainty in our markets, the Group delivered acquisition-led revenue growth and continued to make progress against our strategy.
“We are delighted to announce the acquisition of Cauldwell, the leading independent agent in Milton Keynes, and welcome their fantastic team to Foxtons.
“I am also pleased to have recently appointed James Stevenson as our new Managing Director of Sales. James has a strong track record of driving growth and is well placed to deliver market share gains.
“Through continued progress against our growth strategy, and underpinned by our portfolio of high quality, recurring Lettings revenues, we are confident in our ability to grow Group revenues and profits. Our focus remains on achieving our medium-term targets, including the delivery of £50m of adjusted operating profit.”
Foxtons is due to publish its full-year results on 5 March 2026.
