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Highlights

  • Group revenue surged 24% year-on-year to £44.1m, driven by sales activity ahead of the 31 March stamp duty deadline.

  • Sales revenue rose 73%, marking Foxtons’ best quarterly sales performance since before the 2016 Brexit vote.

  • Recent acquisitions in Reading and Watford contributed to growth, strengthening the Group’s presence in key commuter towns.

Foxtons Group plc (LSE:FOXT) has delivered a significant trading update for the first quarter of 2025, posting a 24% rise in Group revenue to £44.1 million, up from £35.7 million a year earlier. The robust performance was largely driven by a surge in sales activity as first-time buyers moved quickly to complete transactions ahead of the 31 March stamp duty relief deadline.

Lettings: Steady Growth Bolstered by Acquisitions

The Lettings division recorded a 5% year-on-year increase in revenue, reaching £25.2 million. This uplift was partially attributed to contributions from the October 2024 acquisitions of Haslams Estate Agents in Reading and Imagine Property Group in Watford, which together added £1.2 million in revenue. The successful integration of the Imagine business onto the Foxtons Operating Platform has paved the way for further strategic expansion.

In Q1, Foxtons acquired Marshall Vizard, another Watford-based agency, strengthening its foothold in the area. The bolt-on acquisition is expected to deliver cost and operational synergies, reinforcing Foxtons’ market leadership in high-value commuter towns.

Sales: Highest Revenue Since Pre-Brexit Boom

The Sales division saw a dramatic 73% jump in revenue, reaching £16.4 million compared to £9.5 million in Q1 2024. The growth included a like-for-like revenue boost of £5.6 million (+59%), alongside £1.3 million in contributions from acquisitions. The surge in transactions was fuelled by a rush from first-time buyers keen to complete purchases before the end of the stamp duty relief period.

The period marked Foxtons’ encouraging quarterly Sales revenue since before the Brexit referendum in 2016, with market share of exchanges rising from 4.6% to 5.6% year-on-year. However, due to the frontloading of completions, the under-offer pipeline entering Q2 was approximately 10% lower than the previous year. Foxtons anticipates a recovery in this pipeline over Q2, with the pace of interest rate cuts likely to be a key determinant in buyer activity moving forward.

Financial Services: Gains from Market Momentum

Foxtons’ Financial Services division posted a 7% increase in revenue, rising to £2.5 million. Revenue from new purchase transactions surged by 71% in tandem with increased Sales activity and adviser performance. However, this was partially offset by a 38% drop in refinance revenue.