Britain: Foxtons' revenue jumps to 24% in Q1 2025
British real estate agency Foxtons
reported a 24% jump in its first-quarter revenue on Wednesday, driven by a surge in buyers rushing to beat the end of the UK's tax relief for buying new and
affordable homes
.
The expiration of temporary tax incentives for affordable homes and first-time buyers at the end of March spurred potential buyers to accelerate their plans in the months prior.
However, Foxtons said that with many completions accelerated due to the relief deadline, its sales pipeline entering the second quarter was around 10% lower than last year.
British housing demand has been weighed down by slower-than-expected
interest rate cuts
, inflationary pressures and economic uncertainty from a global trade war even as estate agencies and homebuilders have been cautiously optimistic about a recovery.
"Despite ongoing macro volatility, with our market leadership position and resilient business model, I am confident we can drive further growth this year," Foxtons Chief Executive Officer
Guy Gittins
said.
The London-focused agency posted group revenue of 44.1 million pounds ($58.68 million) for the three-month period ended March 31, with sales revenue growth of 73% and lettings revenue growth of 5%.
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The then headmaster of the school, Sunku Narayana Swamy Chetty, who is acknowledged as the first graduate in Nellore, resigned from the missionary school following differences with the management, and established the Hindu Anglo vernacular school on May 3, 1875. In the first year of its establishment, the school had 152 students. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dad-Approved Ways to Celebrate Father's Day in Costa Mesa - Travel Costa Mesa Travel Costa Mesa Read More Undo Financial problems After running the school for three years, Swamy Chetty found it difficult to run the institution due to paucity of funds, and stepped down in 1878. But the financial problems continued for the fledgling school, till it finally found a permanent campus in 1879, when Haji Mohammed Rahimtullah, the former Diwan of Venkatagiri Estates, purchased a big land parcel with constructed structures in a court auction for Rs 2,400 and donated the entire property to Hindu Anglo vernacular school. While the school flourished for close to a decade after moving to its permanent campus, it started facing financial problems again after Rahimtullah stepped down from the management committee in 1886. The worried members of the school management then approached V Rajagopala Krishna Yachendra Bahadur, the 28th Raja of Venkatagiri dynasty, who created a permanent fund of Rs 50,000 to administer the school and further its expansion plans. One of the six conditions the Venkatagiri Raja put forth while creating the permanent fund for the school was to rename the school in his name. Hindu Anglo Vernacular school was renamed as Venkatagiri Raja (VR) school and carried on the legacy. In 1901, VR school was registered under the 1860 Societies Act. The school today stands on 15.81acres in the heart of Nellore city, which includes a big playground spanning 5.06 acres. It 1921, VR college with intermediate education was established by the Venkatagiri Raja. Till 2018, VR school and college flourished under the administration of AC Subba Reddy family. Six different branches of education, including VR degree college, VR law college, VR institute for post graduate studies, VR institute for advanced studies, VR children's academy, and VR college of education were established over the last eight decades. Illustrious Alumni Several stalwarts including chief ministers, judges, state and Union ministers pursued their education at VR school and college in Nellore. Some of the notable names include Bezawada Gopal Reddy (1955-56), the second chief minister of Andhra state, former chief justice and governor Palagani Chandra Reddy, former chief justice CVL Narasimham, and present municipal administration minister Ponguru Narayana. Troubled times VR group of institutions found itself in the middle of a series of legal tangles between 1986 and 2018 following internal clashes for supremacy over the management of affairs. The warring groups, which first approached a local court in Nellore, subsequently knocked on the dorrs of the Supreme Court, with one group demanding the dismissal of the management committee headed by former MLA Anam Vivekananda Reddy, while the other appealed for the continuance of the committee headed by Vivekananda Reddy. Though the apex court passed orders for the conduct of elections in March 2018, the elections are yet to held. Though the then TDP govt in the state appointed a special officer to manage the administration of VR school and colleges in 2018, it was shut down in 2021 during the YSRCP regime, even as people from all walks of life staged protests demanding the govt to revive the school. New dawn for school State municipal administration minister Ponguru Narayana, who studied in VR high school and its inter and degree colleges, initiated steps for his alma mater's revival under CM Naidu's P-4 concept. "The school has a rich legacy and there are many like me who reached the pinnacles of success after studying at this great institution. After completing my education, I started my teaching career at VR college as a part-time lecturer. I was paid Rs 4 per hour of teaching," Narayana told STOI. He said it was extremely painful for him and for other alumni of the school when it was shut down indefinitely. "The previous govt ignored the sentiments of people and did not pay heed to the protests carried out by locals. During the elections, we promised to people of Nellore that VR school would be revived after TDP comes to power in the state. Nagarjuna Construction Company (NCC) is donating Rs 15 crore under its CSR activities to revive the school. HRD minister Nara Lokesh has accorded all necessary approvals to restart the school from this academic year itself after completing all infrastructure works. The school will have world-class infrastructure including smart boards in the classrooms, science labs, arts rooms, besides world class sports infrastructure," Narayana added. He said the municipal administration and Swachh Andhra depts have identified about 1,000 underprivileged children from the poorest sections of the society who would be admitted to the school from this year. "To sustain and establish VR school into a model school in the country, the state govt will initiate measures to reach out to people from all walks of life and motivate them to adopt these 1,000 under privileged children so that they can pursue their dreams by getting access to world class education free of cost," the minister said. As the children belong to families living below the poverty line, breakfast, lunch, and evening snacks will be provided free of cost to them everyday. In addition, free bicycles will be distributed to the students to reach the school from their homes. Free bus rides would also be provided for students living at a distance from the school. After four years of uncertainty, the 150-year-old school is all set to reopen its gates on June 12.
