Foxtons revenue rises by 50%

Foxtons has seen sales rise by 114% over the last nine months, boosting revenue by 50%. The London-focused estate agent said group revenue stood at £103.6m, up from £69m in 2020, and a 24% improvement on £83.5m in 2019. Sales rose to £38.3m, easily eclipsing £17.9m last year, and 2019 sales of £23.8m. Lettings revenue was up 28% to £58m for the nine-month period, again an improvement on both the £45.2m in 2020 and the £53.7m in 2019. Just over £7m of the total came from Douglas & Gordon, which Foxtons bought for £14.3m in March. Excluding the impact of D&G, volumes were up 11% on last year and average revenue per deal was broadly flat. Mortgage broking revenue was up 25% to £7.2m Nic Budden, group chief executive, said: “Foxtons has traded well during the first nine months of the year. In the third quarter, we helped record numbers of tenants find suitable properties as many returned to pre-pandemic work or study arrangements. The sales business has had a strong year reflecting market share growth, increasing prices and transaction volumes, which have been at their highest levels since 2016. We have good momentum going into the fourth quarter, with rents back to 2019 levels and an under-offer sales pipeline that is significantly ahead of 2019 levels.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews