Foxtons Group has reported year-on-year revenue growth in both the third quarter and year-to-date, with Q3 revenue up 3% to £49.0m and revenue for the nine months to 30th September up 7% to £135.1m.
Growth was underpinned by the continued strength of Lettings, which accounted for 71% of total group revenue during the quarter.
Lettings revenue rose 5% in Q3 to £33.4m, driven by portfolio retention, new deal volumes and rental price growth, while acquisitions contributed £1.5m.
Year-to-date Lettings revenue increased 5% to £88.0m, with £4.4m of incremental acquisition revenue.
Sales revenue declined 7% in Q3 to £12.5m amid subdued buyer activity and uncertainty surrounding the delayed Autumn Budget, although year-to-date Sales revenue was up 12% at £39.4m following a strong first quarter ahead of the March stamp duty deadline.
Financial Services revenue grew 37% in Q3 to £3.1m, supported by increased refinancing activity.
Guy Gittins, chief executive officer of Foxtons, said: “We have delivered another quarter of growth driven by our strategic focus on Lettings and its recurring revenues, which helped offset a softer Sales environment.
“Lettings remains the central part of our growth strategy, underpinned by our leading market position and strong landlord proposition.
“Recent acquisitions in Reading and Watford are performing well, and we continue to build a pipeline of Lettings focused acquisitions.
“Macroeconomic uncertainty and speculation surrounding the delayed Autumn Budget has resulted in a subdued sales market as some buyers adopt a ‘wait and see’ attitude to purchases. There remains significant pent-up demand in the London volume market and we believe market conditions will improve once there is better clarity following the Budget.”
As part of its cost optimisation strategy, Foxtons is advancing plans to relocate its head office to deliver savings from January 2026. The company also launched a new people initiative, “Getting It Done. Together”, aimed at strengthening workplace culture and collaboration.
The group’s ongoing £3m share buyback programme follows the completion of an earlier £3m buyback in August.
Despite the weaker sales environment, Foxtons expects full-year adjusted operating profit to be between £21.5m and £23.2m, broadly in line with last year’s £21.6m.
The group said it remains confident about the medium term, supported by the resilience of Lettings, strong financial performance, and improved operational capabilities.
