Foxtons reveals best sales pipeline in nine years

The London agency's CEO Guy Gittins says the 'under offer' sales total is at its highest since 2016.

guy gittins

Foxtons CEO Guy Gittins (main picture) says the London agency’s sales pipeline is the best in nearly nine years.

The firm’s ‘under offer’ sales total is the highest it has been since 2016, he says.

“We’ve seen our under offer sales pipeline – that’s the number of sales that we’ve placed into solicitors hands – the value and the volume of that pipeline is actually at its highest rate since the EU referendum,” he says.

Sales driven

In a trading update to the City in October, the company said Q3 growth was driven by sales, with sales revenue up 36% to £13.5 million.

The group revealed a third consecutive quarter of growth, with Q3 revenue overall up 8% to £47.4 million. And in the year up to 30 September revenue was up 10% to £125.9 million.

We know for sure the sales market will be considerably better in 2025 than it was in 2024.”

Gittins says: “I reflect a positive outlook on the year ahead, particularly when you look at the sales and lettings markets still recovering from what happened with the Covid shock and the budget of 2022, we know for sure the sales market will be considerably better in 2025 than it was in 2024.

“Each time we see even a small interest rate reduction, it brings with it a wave of new buyers being able to come back into the market so we start at the start of this year with great momentum,” he says.

Foxtons’ shares are up 35% in the last year, and this week both investment bank Panmure Liberum and financial management group Zeus recommended investors buy the company’s stock.


One Comment

What's your opinion?

Back to top button