Foxtons Share Price Rises, Q1 Revenue Increases 24%

Foxtons Group (LON: FOXT) shares rose over 1% shortly after the open on Wednesday following the London-based estate agency’s first-quarter trading update. 

The company reported a 24% year-on-year increase in first-quarter revenue, buoyed by strong sales activity ahead of the 31 March stamp duty relief deadline.

Group revenue climbed to £44.1 million in the three months to 31 March 2025, up from £35.7 million in the same period last year.

Sales revenue surged 73% to £16.4 million, marking Foxtons' highest quarterly sales revenue since before the 2016 Brexit vote. 

Foxtons explained that the performance was driven by robust pipeline conversion, market share gains, and the firm’s rebuilt market leadership position.

Chief Executive Officer Guy Gittins said, “This has been a very strong start to the year, with Foxtons recording its highest quarterly Sales revenue in nearly 10 years.”

Lettings revenue rose 5% to £25.2 million, bolstered by contributions from acquisitions made in October 2024, including Haslams in Reading and Imagine in Watford. 

The firm also completed a bolt-on acquisition of Marshall Vizard during the quarter, strengthening its presence in high-value commuter towns.

Financial services revenue rose 7% to £2.5 million, aided by a 71% jump in revenue from new purchase transactions, though refinance revenue declined 38% year-on-year.

Foxtons will host a Capital Markets Event on 4 June. The group said it remains on track to meet full-year expectations.