Foxtons revenues surge amid homebuyer stamp duty rush
Foxtons revenue surged at the start of 2025 as the London-based estate agency cashed in on homebuyers flocking to complete before April's stamp duty changes.
The group told shareholders on Wednesday it enjoyed its highest quarterly sales revenue since before the Brexit vote in 2016 in the opening three months of the year, with sales up 24 per cent.
The ending of temporary tax incentives for affordable homes and first-time buyers at the end of March spurred potential buyers to accelerate their purchases.
Foxtons said that with many completions accelerated due to the relief deadline, with its sales pipeline entering the second quarter around 10 per cent ahead of the same point a year ago.
Guy Gittins, the group's chief executive, said on Wednesday: 'Despite ongoing macro volatility, with our market leadership position and resilient business model, I am confident we can drive further growth this year.'
Group revenues came in at £44.1million for the three month period ending 31 March, with sales revenue growth of 73 per cent and lettings revenue growth of 5 per cent.
Sales revenue surged to £16.4million, driven by a £5.6million increase in revenue on a like-for-like basis and a further £1.3million of additional revenue from acquisitions in 2024.
Gittins added: 'In lettings, we produced another robust performance with revenues up 5 per cent, including contributions from our new offices in the Watford and Reading areas.
'Lettings remains a key area of focus for Foxtons, with high quality non-cyclical and recurring revenues underpinning the Group's financial profile and driving resilient earnings.'
Looking ahead, Foxtons said: 'With good momentum within the Sales business, the under-offer pipeline is expected to rebuild over the second quarter.
'The speed and extent of future interest rate reductions will likely determine the number of buyers entering the market, with faster interest rate cuts providing an opportunity for accelerated growth.'
Foxtons shares rose 1.28 per cent or 0.73p to 58.03p on Wednesday, having risen around 6 per cent in the last year.
Adam Vettese, a market analyst at eToro, said: 'With a backdrop of house prices at record highs in the UK, buyers seem to be anything but put off as they rush to beat the April stamp duty hike and in turn, Foxtons has seen revenue surge by 24 per cent.
'The under-offer pipeline is at its strongest since the 2016 Brexit vote as cooling interest rates have seen home buyers start to shift from the staying-put stance we have seen in recent times.'
He added: 'It's fair to say that this quarter will be a one-off and the trajectory of further interest rate cuts will be a telling indicator as this pre-stamp duty rush loses steam.
'Shares have seen modest gains this morning, likely for this reason. Investors eyeing up a UK property market recovery will be looking to see if Foxtons can regain levels seen around the turn of the year, albeit still a long way off historical highs.'
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