Breaking the revenue figure down the London estate agent revealed lettings revenue up 4% and sales revenue up 25%, with a strong market position enabling it to benefit from elevated market transaction volumes in the first quarter ahead of the stamp duty deadline. Growth was further supported by incremental acquisition revenues.

However financial services revenue was flat (the group owns the adviser group Alexander Hall), as higher new purchase mortgage volumes were offset by the phasing of refinance activity, which is weighted towards the second half of the year.

Commenting on the latest figures Foxtons chief executive Guy Gittins said: “It’s been a strong start to the year, with revenue up 10% and adjusted operating profit growing 31%. The lettings business has continued to perform well, providing steady, recurring revenues which underpin our growth, while the sales business benefitted from a rebuilt market share position and increased market activity ahead of the stamp duty deadline.”

He added: ““We expect a more challenging second half for the sales market compared to the first, and while we welcome the Government’s new mortgage guarantee scheme as a constructive step, the property market also requires a comprehensive review of stamp duty to help stimulate growth and improve access to home ownership across all price points.

“Despite the wider macroeconomic uncertainty, the Group’s strong financial profile is underpinned by stable and recurring earnings from lettings and gives us continued confidence in delivering our growth strategy.”