Foxtons Group plc, London’s leading estate agent, today announces its financial results.
Foxtons today announced their financial results for the year to Dec 31st 2014. reporting an overall 8.2% increase in profits, they offer a balanced business with sales at 48.5%, lettings at 46.8% and mortage broking at 4.4%, Sales volumes reduced 3.7% for the year due to a market decline in the second half of the year, · Lettings volumes increased 1.7% for year and Mortgage broking volumes increased 23.4%. Foxtons currently have 52 branches in the UK, mainly in central London, seven new branches opened in 2014, bringing the total at year end to 51 branches, a further 7 branches are planned to open during 2015.
Nic Budden, Chief Executive Officer said:
“2014 was a year of contrasting halves. The first half was characterised by a very strong property sales market with transactions reaching their highest levels since 2008. In the second half we saw a sharp downturn in property sales volumes, particularly in Central London”
“Whilst we expect property sales activity to remain subdued at levels comparable to those seen in late 2012 and early 2013 until greater political and economic certainty returns, the long term fundamentals of the London market remain sound and attractive. We continue to be confident that our organic expansion strategy, together with our strong lettings business, will enable us to grow revenue and profit even in a flat property sales market”
You May Also Enjoy
Renters’ Rights Bill: lettings experts outline key changes landlords must prepare for
England’s south coast sees highest rent increase in UK
Why the human relationship still defines real estate lending
Britain’s most desirable military towns where homes command premiums as high as 51%
Labour tax tirade hits UK with largest millionaire exodus of all global nations
