Foxtons Q1 Trading Statement

Foxtons' Q1 results are certainly encouraging as the company's operational turnaround is starting to show good progress. With higher rents not expected to abate anytime soon, the estate agent should see continued growth in 2023.

Foxton's growth has been driven by a 27% jump in lettings revenue, now accounting for 69% of all group turnover. Given they take a percentage of rental income, and rents increased about 20% in London last year, it's a smart play. Not so great for the young or anyone looking to put a roof over their head of course.

Foxtons are a well-presented and respected firm, it's impressive that even through the various levels of nightmare over the past 12 months, they have a set of figures that show balanced results. It's clear that the busy first quarter of 2023 for all related property players won't be reflected in results until at least the end of quarter 2, potentially into quarter 3, this is due to the related property and financial services incomes having a long transaction timescale due to related lenders and legal firms backlogs and the natural time period such sales have to complete. I think Foxtons should be happy with their overall results and be looking at much better-looking horizons in the near term.