Foxtons expect profits to shoot ahead of past two years
Foxtons confirmed to markets this morning that they expect profits to be “significantly ahead of both 2020 and 2019” after a bumper start to the year.
The firm has seen a 49 per cent increase in Q1 sales revenues versus both 2020 and 2019, and the sales commission pipeline is now 65 per cent ahead of where it was last year.
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Investors have been urging the London-focussed property to expand nationwide in recent weeks.
Catalist Partners, which owns around 2 per cent of the firm, also reportedly wants Foxtons to expand internationally to attract far eastern buyers looking to get on the London property ladder.
The housing market has been going gangbusters over the past 12 months after the pandemic-enforced shutdown in spring last year.
Annual house price growth is now at 10.9 per cent, the highest in seven years.
Much of the increased demand has been driven by what analysts call the ‘race for space’ and by the stamp duty exemption.
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