Foxtons reported higher revenue in 2025 as growth in its lettings business and financial services arm helped offset a challenging London sales market.
The estate agency group recorded revenue of £172.5m for the year to 31 December 2025, up 5% from £163.9m in 2024. Adjusted EBITDA rose 5% to £25.3m, while adjusted operating profit remained broadly flat at £22.2m as higher revenues were largely offset by increased operating costs.
Profit before tax slipped slightly to £16.9m, down from £17.5m a year earlier, while adjusted earnings per share eased to 5.0p from 5.2p.
Lettings continued to underpin the group’s performance, generating £111.0m of revenue, up 5% year-on-year. Transaction volumes rose 4% to 20,089, while average revenue per transaction edged up 1% to £5,524.
32,000 TENANCIES
Foxtons’ lettings portfolio now exceeds 32,000 tenancies, having grown by more than 50% since 2021. The company also reported an 8% increase in organic market share during 2025, reinforcing its position as London’s largest lettings agency brand.
The group said stronger cross-selling of property management services supported revenue and margin growth, with 43% of its lettings portfolio now fully managed, compared with 32% in 2021.
Chief Executive Guy Gittins (main picture, inset) told the City that the company’s increasing focus on non-cyclical income had helped it navigate difficult trading conditions.
“We were pleased to deliver 5% revenue growth in the year, as our continued focus on growing non-cyclical and recurring lettings revenues enabled us to maintain adjusted operating profit despite a volatile sales market,” he said.
SALES REVENUE
Sales revenue increased 6% to £51.3m, largely driven by acquisitions in commuter markets, although underlying market conditions remained subdued.
Sales volumes rose sharply, increasing 19% to 4,423 transactions, but average revenue per sale fell 11% to £11,589 as the group expanded into lower-value commuter markets and saw a higher proportion of lower-priced properties transact ahead of the March stamp duty deadline.
On a like-for-like basis, sales revenue declined 2% during the year as buyer demand weakened in the second half amid macroeconomic uncertainty and speculation around potential tax changes ahead of the Autumn Budget.
The sales division recorded an adjusted operating loss of £5.7m, widening from £3.8m in 2024, as the company maintained staffing levels while repositioning the business for lower transaction volumes.
Financial services revenue also grew, rising 10% to £10.3m, driven by a 13% increase in mortgage transaction volumes. However, average revenue per transaction fell slightly due to a shift in product mix towards refinancing activity.
Non-cyclical and recurring income streams accounted for 67% of total revenue.
Across the group, non-cyclical and recurring income streams – including lettings and refinance activity – accounted for 67% of total revenue.
Foxtons continued to expand through acquisitions during the year, including the purchase of Marshall Vizard in Watford. The group also completed two platform acquisitions after the year end in Milton Keynes and Birmingham as part of its strategy to grow outside London.
Gittins said the company remained focused on expansion and operational improvements.
“We have strong foundations, a clear growth strategy and a highly scalable platform, and we are targeting growth in 2026 and beyond,” he said.
Looking ahead, Foxtons said lettings income is expected to remain resilient in 2026, while the London sales market continues to be constrained by weak consumer confidence.
Read more about Foxtons financial services revenue HERE.
