Foxtons Group PLC on Wednesday reported its highest quarterly sales revenue in ‘nearly 10 years’, lifting total revenue by nearly a quarter.

Chief Executive Guy Gittins said the London-based property sales and letting firm had a ‘very strong start to the year’, helped by a rush to beat the March 31 deadline for stamp duty relief on property sales in the UK.

Total revenue was £44.1 million in the first quarter, up 24% from £35.7 million a year before. Lettings remained the company’s largest business line at £25.2 million, up 5.0% from £24.0 million, but it was the previously struggling Sales arm that led the recent increase. Here, revenue jumped by 73% to £16.4 million from £9.5 million.

‘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,’ Gittins said.

Financial Services made up the balance, at £2.5 million in revenue in the first three months of 2025, up from £2.3 million a year before.

Looking ahead, Foxtons said it is trading in line with management expectations. Following the passing of the stamp duty relief deadline, the Sales under-offer pipeline entering the second quarter was down 10% from a year before. However, this is expected to rebuild over the quarter, the company said, with any future UK interest rate reductions lending support.

Foxtons will host a capital markets event on June 4 to set out strategy.

Shares were up 1.4% to 58.10 pence on Wednesday in London.

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