Source - Alliance News

Foxtons Group PLC on Thursday said it started the second quarter with its sales pipeline at the highest level since the 2016 Brexit referendum.

The London-based estate agent reported total revenue growth of 8.5% in the first quarter of 2024 to £35.7 million from £32.9 million a year ago.

Chief Executive Officer Guy Gittins said: ‘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 1 position in London and delivered significant growth in our market share of property instructions across both Lettings and Sale.’

Growth in the quarter was driven by a 17% increase in Sales revenue as mortgage availability and rates stabilised.

In addition, Financial Services and Lettings revenue grew 16% and 5% respectively.

Foxtons shares were up 2.3% to 53.40 pence each in London on Thursday morning.

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