Foxtons sees sales under offer surge to nine-year high
Estate agency Foxtons has seen the number of London properties under offer surge to its highest level since the Brexit vote as first-time buyers rush to complete ahead of stamp duty changes.
The London-based chain said its pipeline of under-offer sales started 2025 'significantly' higher than a year earlier and at its highest since 2016, which it hopes will 'underpin' overall revenue growth in the first quarter.
'The growth in the under-offer pipeline is partly driven by first-time buyer activity ahead of increased stamp duty rates from April 2025, which may result in some buyer activity being accelerated into the first quarter of 2025 ahead of the deadline,' Foxtons said.
The rush in sales comes ahead of changes to stamp duty that were announced in the Budget, which will see first-time buyer discounts become less generous.
We start the year with the highest opening under-offer pipeline since the Brexit vote in 2016
Guy Gittins, Foxtons chief executive
From April 1, the 'nil rate' stamp duty threshold for first-time buyers will decrease from £425,000 to £300,000.
The wider nil rate threshold will also drop across the board for residential property purchases, from £250,000 down to £125,000.
Foxtons added that the sales business was 'well positioned' to return to profitability this year, if the upbeat market conditions continue.
'Early data indicates new buyer activity in 2025 remains above prior year levels, despite recent uncertainty on the interest rate outlook and consumer confidence,' the group said.
But it cautioned that buyer demand would be sensitive to the 'speed and extent of future interest rate reductions, with faster interest rate cuts providing an opportunity for accelerated growth'.
Overall, the firm saw revenues jump 11% to around £163 million in 2024, with underlying earnings up by about a third to £19 million, both of which it said were better than expected.
Sales revenues grew by about 30% over the year, as a 10% rebound in transactions by volume offset broadly flat prices.
Lettings sales lifted about 5%, with 11% growth quarter-on-quarter in the final three months, it added.
Guy Gittins, chief executive of Foxtons, said: 'We enter 2025 with optimism.
'We expect the lettings business to remain resilient and, in sales, we start the year with the highest opening under-offer pipeline since the Brexit vote in 2016.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South Wales Argus
33 minutes ago
- South Wales Argus
100,000 electric vehicle charging points to be installed with £381m funding
The cash aims to help the uptake of electric cars among motorists who do not have their own driveways and charging points. The new charging points come on top of 80,000 already installed publicly across the UK, and tens of thousand more installed privately. Transport minister Lilian Greenwood said: 'This Government is powering up the EV revolution by rolling out a charge point every 29 minutes, and our support to roll out over 100,000 local charge points in England shows we're committed to making even more progress. 'We're delivering our Plan for Change by investing over £4 billion to support drivers to make the switch, while backing British car makers through international trade deals – creating jobs, boosting investment and securing our future.' The money comes from the Government's Local Electric Vehicle Infrastructure fund, which helps councils to instal new EV charging points. Meanwhile, in a sign of growing market confidence in EVs, London-based firm Believ has secured £300 million to roll out charging points across the UK.
Leader Live
an hour ago
- Leader Live
100,000 electric vehicle charging points to be installed with £381m funding
The cash aims to help the uptake of electric cars among motorists who do not have their own driveways and charging points. The new charging points come on top of 80,000 already installed publicly across the UK, and tens of thousand more installed privately. Transport minister Lilian Greenwood said: 'This Government is powering up the EV revolution by rolling out a charge point every 29 minutes, and our support to roll out over 100,000 local charge points in England shows we're committed to making even more progress. 'We're delivering our Plan for Change by investing over £4 billion to support drivers to make the switch, while backing British car makers through international trade deals – creating jobs, boosting investment and securing our future.' The money comes from the Government's Local Electric Vehicle Infrastructure fund, which helps councils to instal new EV charging points. Meanwhile, in a sign of growing market confidence in EVs, London-based firm Believ has secured £300 million to roll out charging points across the UK.
Glasgow Times
2 hours ago
- Glasgow Times
100,000 electric vehicle charging points to be installed with £381m funding
The cash aims to help the uptake of electric cars among motorists who do not have their own driveways and charging points. The new charging points come on top of 80,000 already installed publicly across the UK, and tens of thousand more installed privately. Transport minister Lilian Greenwood said: 'This Government is powering up the EV revolution by rolling out a charge point every 29 minutes, and our support to roll out over 100,000 local charge points in England shows we're committed to making even more progress. 'We're delivering our Plan for Change by investing over £4 billion to support drivers to make the switch, while backing British car makers through international trade deals – creating jobs, boosting investment and securing our future.' The money comes from the Government's Local Electric Vehicle Infrastructure fund, which helps councils to instal new EV charging points. Meanwhile, in a sign of growing market confidence in EVs, London-based firm Believ has secured £300 million to roll out charging points across the UK.
