The London-based estate agent said home sales jumped 31% to £48.6m from a year ago, driven by properties priced at under £1m, it reported in a full-year trading statement.

It said: “These markets are more resilient and more active than higher-value ones.”  

Letting revenue rose 5% to £106m, lifted by a 12% increase in new business and stronger landlord retention.

Alexander Hall saw sales rise 6% to £9.3m, as it arranged 5,115 loans in the period, up 2%. It said that the average revenue per loan transaction was £1,824, up 5% from 12 months ago. 

It added that the broker unit’s new managing director, Richard Merrett, who rejoined the business in January last year, has completed an operational review of the business, which included boosting cross-selling measures and installing a new data suite. 

The agency’s under-offer sales pipeline at the start of the year, “was at its highest level since the Brexit vote in 2016, delivering strong year-to-date revenue growth as the under-offer pipeline converts to exchanges, with volumes boosted by first-time buyers taking advantage of stamp duty relief ahead of 31 March 2025 deadline”.

However, the business added that it expects rental levels will be “broadly flat” this year. 

Pre-tax profit was 121% higher. 

Foxtons chief executive Guy Gittins said: “In sales, significant market share gains drove revenue growth of 31% and meant we agreed the highest number of transactions in London last year, while our lettings and financial services businesses continued to provide the steady, recurring revenues which underpin group profitability.