Foxtons has reported an increase in revenue, but profits remained broadly flat for 2025 in an end-of-year trading review.

The unaudited figures indicate the estate agency chain’s revenue was £172 million, up by around 5% on the previous year.

Its operating profits were £22m, down slightly from £22.1m in 2024.

For mortgage broking arm, Alexander Hall, it reports that revenue increased by around 10% year on year.

Foxtons says this was driven by higher levels of refinance opportunities alongside growth in revenue from mortgages for purchase.

This increase was the result of upgrades to boost productivity and improve connectivity with its estate agency operations, the report says.

Lettings and sales revenue both increased by around 5%.

The update says: “The Group delivered particularly strong Q1 2025 revenues ahead of the March stamp duty holiday, after which activity slowed, with the second half impacted by a much-publicised slowdown in the market leading up to the Autumn Budget alongside broader economic uncertainty.”

Looking ahead, it forecasts lettings will remain resilient in 2026, supported by tenant demand and healthy stock levels.

Last week, Foxtons acquired Milton Keynes estate agency Cauldwell and it expects to announce further acquisitions in the year ahead.

But it says: “Sales entered 2026 with a lower under-offer pipeline than the previous year, reflecting the disruption caused by the Autumn Budget and a particularly strong comparative period in Q4 2024 ahead of the March 2025 stamp duty deadline.

“As a result, first-quarter 2026 sales revenues are expected to be lower than those recorded in Q1 2025.”

However, after this it predicts the sales market will stabilise.

Foxtons Group chief executive officer Guy Gittins says: “Despite economic headwinds and fiscal events creating uncertainty in our markets, the Group delivered acquisition-led revenue growth and continued to make progress against our strategy.

“We are delighted to announce the acquisition of Cauldwell, the leading independent agent in Milton Keynes, and welcome their team to Foxtons.

“I am also pleased to have recently appointed James Stevenson as managing director of sales. He has a strong track record of driving growth and is well placed to deliver market share gains.

“Through continued progress against our growth strategy, underpinned by our portfolio of high-quality, recurring lettings revenues, we are confident in our ability to grow Group revenues and profits.

“Our focus remains on achieving our medium-term targets, including the delivery of £50m of adjusted operating profit.”