Foxtons posted group sales up 24% to £44.1m in the first three months of the year, driven by a jump in sales ahead of stamp duty changes and higher mortgage activity at its Alexander Hall broker business.  

House purchase revenue was up 73% to £16.4m in the period as the market “saw a heightened level of market transactions as first-time buyers in particular were motivated to transact ahead of the 31 March stamp duty deadline”. 

Alexander Hall posted revenue up 7% in the quarter to £2.5m, with new purchase transaction revenue jumping by 71% “reflecting increased sales market activity combined with good levels of adviser productivity,  

This offset a 38% slump in refinance sales, at the broker unit, due to “fewer products expiring across the first quarter compared to prior year”. 

Lettings revenue was up 5% in the quarter to £25.2m, boosted by £1.2m of additional revenue from October acquisitions in Reading, Haslams Estate Agents, and Watford, Imagine Property Group. 

Foxtons chief executive Guy Gittins says: “This has been a very strong start to the year, with Foxtons recording its highest quarterly sales revenue in nearly 10 years.  

“In sales, operational improvements implemented since 2022, combined with strong market share growth and increased market volumes, drove a 73% increase in revenue.  

“The level of revenue growth demonstrates the scale of the turn-around within sales, as the business capitalised on stamp duty-driven increased market activity far more effectively than in previous years, such as during the stamp duty relief deadline in 2021.”