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Trading statements

Buy-to-let surge boosts Foxtons' revenues

27 April 2016 07:45

Estate agency group Foxtons' total revenues for the three months to the end of Masrch rose by 16.2% to GBP38.4m.

The group said the strong performance was principally driven by a 28.5% increase in property sales commissions resulting from a significant increase in transactions completing before the introduction in April of the 3% stamp duty surcharge on buy-to-let investments and second homes.

With a large number of completions brought forward, the sales pipeline for the second quarter is therefore lower than prior year. Lettings revenue was flat on prior year as tenants continued to renew existing tenancies and enter into longer tenancy periods. Our newly established "Institutional Private Rental Sector" business has just won its first mandate, and we will continue to develop and invest in new initiatives to enhance our lettings business.

Story provided by StockMarketWire.com

Related Company: FOXT

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