Sales revenue at Foxtons has increased by 73% year-on-year in the first quarter of its 2025 financial year, reaching £16.4m.

The estate agency said this jump was a result of a £5.6m increase in like-for-like revenue and a further £1.3m in additional revenue from acquisitions in October 2024.

It added that the first quarter had seen a higher level of market transactions as first-time buyers in particular were motivated to transact ahead of the 31 March stamp duty deadline.

Across the group, revenue increased by 24% year-on-year to £44.1m in the three months to 31 March

Revenue in its lettings division jumped by 5% in this period to £25.2m, while its financial services division recorded a 7% increase in revenue to £2.5m.

In response to this announcement, Foxtons has seen its share price increase by 3.14% to 59.1 pence.

Chief executive officer at Foxtons, Guy Gittins, said that it has been a "very strong start to the year" for the estate agency, as it recorded its highest quarterly sales revenue in nearly 10 years.

He concluded: "Lettings remains a key area of focus for Foxtons, with high quality non-cyclical and recurring revenues underpinning the group's financial profile and driving resilient earnings.

"In sales, operational improvements implemented since 2022, combined with strong market share growth and increased market volumes, drove a 73% increase in revenue. The level of revenue growth demonstrates the scale of the turn-around within sales, as the business capitalised on stamp duty-driven increased market activity far more effectively than in previous years, such as during the stamp duty relief deadline in 2021.

"Despite ongoing macro volatility, with our market leadership position and resilient business model, I am confident we can drive further growth this year, and deliver long-term value for shareholders, employees, and customers."

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