18th Apr 2024 11:52
(Alliance News) - Foxtons Group PLC on Thursday said it started the second quarter with its sales pipeline at the highest level since the 2016 Brexit referendum.
The London-based estate agent reported total revenue growth of 8.5% in the first quarter of 2024 to GBP35.7 million from GBP32.9 million a year ago.
Chief Executive Officer Guy Gittins said: "This has been a strong start to the year with our revenue growth demonstrating the real momentum we have built across the business. Last year we regained our number 1 position in London and delivered significant growth in our market share of property instructions across both Lettings and Sale."
Growth in the quarter was driven by a 17% increase in Sales revenue as mortgage availability and rates stabilised.
In addition, Financial Services and Lettings revenue grew 16% and 5% respectively.
Foxtons shares were up 2.3% to 53.40 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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