Strong start to the year for Foxtons

April 27, 2016

Foxtons plc, London’s leading estate agency, issued today  its trading update for the quarter ended 31 March 2016.

Total group revenue for the quarter was £38.4m, up 16.2% compared with the first quarter last year.

 Lettings revenue was flat on prior year as tenants continued to renew existing tenancies and enter into longer tenancy periods.

Nic Budden, CEO, said: “We have had a strong start to the year with a record first quarter driven by a number of sales transactions being brought forward before the introduction of the additional stamp duty surcharge on buy-to-let properties. Nevertheless, we expect the first half of the year to be challenging with a reduced sales pipeline entering into Q2 and the underlying short term impact on transaction volumes from the uncertainty around the European referendum. Our expansion strategy remains on track as we continue to increase our market share in outer London.”

To see the trading update in full click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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