Foxtons has reported strong results for the third quarter.
Strong activity in the Uk housing market helped boost Foxton’s revenues by 114% to £38.3m. This is compared to the £17.9m revenues in the same period a year earlier and the £23.8m in 2019.
“As a result of the Covid-19 lockdowns in 2020 and the early part of 2021, the lettings market in London
started the third quarter with an excess supply of listings and with rents in the first half of the year down
9% on pre-pandemic levels. This trend has largely reversed during the quarter, with lettings listings now at
historically low levels and rents having returned to pre-pandemic levels in August and September,” said the group in their trading statement.
Commenting on the latest results, the chief executive Nic Budden, said: “Foxtons has traded well during the first nine months of the year. In the third quarter we helped record numbers of tenants find suitable properties as many returned to pre-pandemic work or study arrangements.
“The sales business has had a strong year reflecting market share growth, increasing prices and transaction volumes which have been at their highest levels since 2016. We have good momentum going into the fourth quarter, with rents back to 2019 levels and an under offer sales pipeline that is significantly ahead of 2019 levels.”