Foxtons Group’s pre-tax profits increased by 121% to £17.5m in 2024, the estate agent has revealed in its full year results.
This was largely due to a 11% increase in revenue, with the group generating £163.9m, and earnings per share increasing by 156% to 4.6p.
Within this, lettings revenue increased by 5% over the year with earnings accretive acquisitions driving this. The latter would produce a 26% average return, ahead of the groups’ target of 20%.
Looking ahead, Foxtons’ management expects PRS market dynamics to remain consistent with 2024 and rental levels to be broadly flat.
Foxtons also noted the upcoming Renters Rights Bill and other areas of reform for the PRS market.
Though the group stated it supported many initiatives, it referenced the fact it had raised concerns around some of these such as the ban on upfront rental payments.
As such, Foxtons will continue to “engage” with the government and “provide a constructive point of view”.
"Across 2024 we retained our position as London's largest lettings agent and the UK's largest lettings estate agency brand, and increased our share of the London sales market by 20%,” commented Guy Gittins, CEO at Foxtons Group.
"After a good start to 2025, we are well positioned to deliver another year of growth and are on-track to deliver against the medium-term growth targets I set out in March 2023. I look forward to setting out details of the next stage of our growth plan to investors at a capital markets event in Q2 2025."
