Foxtons’ latest report to shareholders highlights the importance of its lettings sector, offsetting a softer sales position.
Group revenue was up 3% in the third quarter to £49.0m and (Q3 2024: £47.4m) and year-to-date revenue for lettings was up 5% to £88.0m (Q3 2024 YTD: £84.0m).
Chief executive Guy Gittens says: “Lettings remains the central part of our growth strategy, underpinned by our leading market position and strong landlord proposition.
“Recent acquisitions in Reading and Watford are performing well, and we continue to build a pipeline of Lettings focused acquisitions.”
He says macroeconomic uncertainty and speculation surrounding the Budget have resulted in a subdued sales market as some buyers adopt a ‘wait and see’ attitude to purchases.
“There remains significant pent-up demand in the London volume market and we believe market conditions will improve once there is better clarity following the Budget, providing a more positive backdrop as we execute against our growth strategy” he adds.
