Foxtons posts strong sales

Foxtons see revenue drop considerably compared to previous year

Foxtons has reported strong Q3 results thanks to a boost in sales.

Revenues jumped by 114% to from £17.9m to £38.3m.

The group commented: “As a result of the Covid-19 lockdowns in 2020 and the early part of 2021, the lettings market in London started the third quarter with an excess supply of listings and with rents in the first half of the year down 9% on pre-pandemic levels.”

“This trend has largely reversed during the quarter, with lettings listings now at historically low levels and rents having returned to pre-pandemic levels in August and September,” 

The group’s CEO commented: “Foxtons has traded well during the first nine months of the year. In the third quarter we helped record numbers of tenants find suitable properties as many returned to pre-pandemic work or study arrangements.

“The sales business has had a strong year reflecting market share growth, increasing prices and transaction volumes which have been at their highest levels since 2016. We have good momentum going into the fourth quarter, with rents back to 2019 levels and an under offer sales pipeline that is significantly ahead of 2019 levels,” he added.