London estate agent Foxtons saw its first-half profit jump by a quarter from a year ago as revenue from lettings and house sales lifted.

The firm said lettings revenue rose 5% to £52.4m, although it experienced “a temporary reduction in the volume of existing tenancies re-transacting in the period, following longer tenancy terms signed across 2022 and 2023”.

Sales from house purchases jumped 28% to £21.6m, driven by “significant market outperformance” as its market share of exchanges across the capital rose to 5.1% from 3.9% a year ago.

It added that its house purchase under-offer pipeline was 21% higher than 12 months ago, hitting its highest value since the Brexit vote in 2016.

The business said trading in July was in line with expectations, “with little change in customer behaviour or market dynamics since the general election at the beginning of the month”.

The agency said pre-tax profit lifted 24% to £7.5m, while revenue rose 11% to £78.5m at 30 July, from a year ago.

Foxtons chief executive Guy Gittins said: “Despite macro headwinds and the election interruption, we continued to outperform the market, delivering strong [house] sales revenue growth of 28% and market share growth of 30%.

“Growth was also delivered in lettings, with a double-digit increase in new business volumes, further bolstered by the acquisitions we made in 2023.”