Foxtons has taken the unusual step of using a scheduled trading statement to express support for the Renters Reform Bill.
It tells shareholders that it supports many of the initiatives embedded in the Bill and that it will update customers with “critical value-add and timely advice and services to our customers as the Bill progresses.”
It continues: “Our aim is to ensure customers can fully understand and prepare for the impact of the new legislation whilst, importantly, also unlocking new opportunities for the Group. We will provide updates as the Bill progresses through Parliament.”
Once again the lettings division of the firm made a significant contribution to the company’s buoyant performance.
In its statement referring to the third quarter of the year, the company said: “Q3 Lettings revenue was resilient at £31.6m, and in line with a strong Q3 2023 (Q3 2023: £31.6m), which benefited from record renewal revenues due to high numbers of tenancies coming up for renewal in the quarter.
“Operational improvements have driven double-digit growth in new business volumes through the year, and in Q3 2024 this helped to offset the expected lower renewal volumes. Ludlow Thompson, acquired in November 2023, delivered £1m of incremental revenue in the quarter.
“On a year-to-date basis revenue was up 3% to £84.0m (Q3 2023 YTD: £81.3m), including £3.1m of incremental acquisition revenues.
“Lettings market dynamics are broadly consistent with the first half. Rental prices remain in line with the prior year, tenant demand remains strong, and improving levels of available stock support the Group’s focus on driving new business volumes.”
Across lettings, sales and financial services, Foxtons reported to its shareholders that it had delivered a third consecutive quarter of growth in 2024, with sales revenue up 36% over summer. Overall, Q3 revenue increased 8% to £47.4m revenue for the year to date was up 10% to £125.9m.
