Foxtons struggles to match last year’s sales

A strong London lettings market has helped Foxtons increase revenue, even as sales slumped. The London-focused estate agent said  revenue from lettings reached £17.9m in Q1 2022, up 21% from the same period last year. In part this was due to organic growth, but also thanks to its integration of D&G’s lettings business last year. That added £1.7m to it’s quarterly revenues. However, revenue from the sales business dropped by 9% to £9.6m. In a trading update, Foxtons said last year’s figures had been boosted by buyers wanting to complete before the stamp duty relief deadline. But it added that market share was slowly growing and prospects looked good for the coming year, with an under-offer pipeline for Q2 up 8% year-on-year. “However, Q2 2021 will be a tough comparator, with volumes boosted by the extension of stamp duty relief to 30 June 2021 which resulted in a significant number of sales transactions being pulled into the second quarter,” it said. Total revenue hit £30m, 8% higher than the same quarter a year ago. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews