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Foxtons Q1 sales revenues slump 35%
By Michele Maatouk
Date: Thursday 23 Apr 2026
(Sharecast News) - London estate agent Foxtons backed its full-year expectations on Thursday but posted a sharp decline in first-quarter sales revenue, pointing to a "more challenging" market backdrop.
In the three months to the end of March, lettings revenue rose 5% from the same period a year earlier to £26.4m. Foxtons said organic growth was driven by continued momentum in the cross‑selling of property management services, growth in Build to Rent revenues, and further growth from the Reading acquisition in 2024.
Revenue from the sales division was down 35%, however, to £10.7m, reflecting an "exceptionally strong" prior‑year comparator which saw elevated transaction volumes ahead of the stamp duty deadline, and a "more challenging" market backdrop.
Foxtons said new buyer activity was lower than expected amid uncertainty stemming from recent geopolitical developments and subsequent increases in mortgage rates and lower mortgage product availability.
"To reflect these headwinds, the group is taking action to reposition the sales business to current market conditions," it said.
Revenue in the financial services segment ticked up 3% to £2.6m, driven by good levels of refinance activity and growth in ancillary revenues, which helped to offset weaker new purchase activity.
Chief executive Guy Gittins said: "The sales market remains subdued and has been further affected by recent events in the Middle East, which have tempered buyer sentiment and impacted mortgage rates and availability. As ever, Foxtons is focused on what we can control by managing costs, increasing efficiencies and repositioning our Sales business to mitigate the impact of the market.
"We remain confident that the resilience of our lettings and financial services businesses, which represents more than two thirds of revenues, alongside work to reposition the sales business, can continue to deliver market-leading results for customers, growth opportunities for our people and long-term value creation for shareholders."
At 1138 BST, the shares were down 3.8% at 42.34p.
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