Foxtons first quarter revenue lifted 9% to £35.7m from a year ago, driven by growth from house sales and lettings.  

The London-focused estate agent says sales from lettings are up 5% to £24m following two portfolio acquisitions last year, according to a trading statement.

It adds that the rest of its rental business is “broadly flat revenues on a like-for-like basis. As expected, compared to 2023, the supply and demand dynamic has normalised and rental prices have stabilised accordingly”.  

Home sales revenue was up 17%  to £9.5m in the three months to the end of March, as it lifted market share.  

The agent says agreed home sales in the quarter were 31% higher by volume compared to a year ago. The value of the under-offer pipeline was 34% higher than last year and 12% higher than 2022, the highest value since the 2016 Brexit vote.  

“This under-offer pipeline is expected to support further revenue growth in the second quarter, supported by an improving sales market backdrop as mortgage availability and rates have both stabilised, alongside good levels of available stock,” the firm says.  

Financial Services revenue rose 16% to £2.3m, with growth driven by “increased mortgage volumes reflecting operational upgrades to improve both adviser productivity and levels of cross-selling across the group”.  

Foxtons chief executive Guy Gittins says: “This has been a strong start to the year with our revenue growth demonstrating the real momentum we have built across the business.   

“Last year we regained our number one position in London and delivered significant growth in our market share of property instructions across both Lettings and Sales.   

“The business is now focused on converting these listings to transactions as we deliver results for our clients.”  

Gittins adds: “Sales revenue was up 17%, reflecting improved market conditions and Foxtons’ continued growth in market share as the operational improvements we made last year took effect.   

“We entered the second quarter with the highest value under-offer Sales pipeline since the 2016 Brexit vote, giving us optimism for the rest of the year.”