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Highlights:
- Foxtons achieved an 8% increase in Q3 revenue, totaling £47.4 million, with a 10% rise in year-to-date revenue.
- Property sales revenue for Q3 surged 36%, driven by a 34% increase in transaction volumes.
- The company’s sales pipeline is 23% higher than the same period last year, reflecting market recovery and strong internal performance.
London-focused estate and lettings agent Foxtons Plc (LSE:FOXT) reported its third consecutive quarter of revenue growth, with total revenue rising 8% to £47.4 million in the third quarter. Year-to-date revenue increased by 10%, reaching £125.9 million. Notably, property sales revenue surged 36% to £13.5 million, the highest third-quarter sales figure since 2015. This growth was driven by a 34% rise in transaction volumes, significantly outperforming the wider market's transaction growth of around 13%.
For the year-to-date, Foxtons' property sales revenue reached £35.1 million, up 31% from £26.9 million in the same period last year. Meanwhile, lettings revenue remained stable at £31.6 million, matching the levels seen in the third quarter of 2023. The company credited high renewal revenues and an increase in new business volumes for maintaining the steady performance in its lettings division.
Chief executive Guy Gittins attributed the company’s strong results to Foxtons’ focus on improving its internal operations, including training, negotiator tenure, culture, and leveraging data and technology capabilities. He noted that the company’s market share growth and the early signs of market recovery had contributed to the significant 36% rise in Q3 sales revenue.
Gittins also expressed optimism for the final quarter, highlighting that Foxtons’ sales agreed pipeline is currently 23% higher than it was at this time last year. He added that sales volumes in Foxtons’ markets are continuing to recover, positioning the company well to further unlock value in the business.
In response to the positive third-quarter update, Foxtons shares rose 2.7%, gaining 1.6p to trade at 61.2p.
