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TODAY'S OTHER NEWS

Foxtons sales down 11% but agency eyes more growth in 2016

A trading statement from London agency Foxtons shows group turnover up four per cent in 2015 to £150m - but that comes despite sales being 11 per cent below the previous year.

The London-wide sales slump did not stop Foxtons improving market share in 2015, with the statement singling out new homes deals as particularly notable. The group’s mortgage broker, Alexander Hall, saw very strong revenue growth of 32 per cent.

The lettings business generated over 20,000 transactions during 2015 and the company says the mix within rentals shifted towards renewals with a record number of tenants extending tenancies, resulting in a lower level of new stock available. 

The statement concludes optimistically: “Although it is too early to predict residential property sales transaction trends for 2016 the company enters 2016 with an encouraging sales pipeline, a strong lettings book and a proven strategy for further growth through organic branch expansion.”

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