Foxtons has revealed revenue figures up 25% in the third quarter as the London agency continues to thrive.

Revenue increased from £35.1m last year to £43.8m in the three months up 30 September.

The company reports revenue rose to £108.9m, up £10.4m, or 11% on 2021, for the nine months ended 30 September.

Sales revenue for the period was up 44% to £11.9m (Q3 2021: £8.3m), reflecting a 39% increase in sales volumes and a 2% rise in average revenue per transaction.

Lettings revenue was up 18% in the quarter to £29.2m (Q3 2021: £24.8m). Financial services revenue rose 37% in the quarter to £2.8m (Q3 2021: £2.0m), after a 27% increase in mortgage transaction volumes and an 8% increase in average revenue per transaction.

Significant potential

“I am excited about leading this reset”.

New chief executive Guy Gittins (pictured), who started last month, says: “The business has significant unfulfilled potential and there is a shared understanding and vision of how we can deliver this.

“I am excited about leading this reset, and determined we can get Foxtons back on the front foot.

“This quarter has seen continued positive momentum with growth across all areas of the business,” he says.

“Our lettings business performed strongly as we delivered both organic and acquisitive growth. Our investment in sales negotiators, combined with strong buyer demand and a renewed focus on sales intensity has benefitted our sales business.”