London-focussed estate and lettings agent Foxtons Plc (LSE:FOXT) reported its third quarter of revenue growth in a row, with total revenue rising 8% to £47.40 million.
Year-to-date revenue increased 10% to £125.90 million. Sales revenue for the quarter was up 36% to £13.50 million, marking the highest Q3 sales revenue since 2015.
It was driven by a 34% rise in transaction volumes which materially outpaced the wider market, which saw transaction growth of around 13%.
For the year-to-date, revenue from property sales reached £35.10 million a 31% increase from £26.90 million, meanwhile, lettings revenue remained stable at £31.60 million, matching Q3 2023 levels.
The company cited high renewal revenues and an increase in new business volumes as factors maintaining steady performance.
"Continued market share growth, enabled by a focus on improving training, negotiator tenure, culture and our data and technology capabilities, and supported by early signs of market recovery, drove Q3 Sales revenue up 36%,” chief executive Guy Gittins said in a statement.
"We enter the final quarter with optimism: our sales agreed pipeline is 23% higher than this time last year, sales volumes in our markets continue to recover, and we are well placed to continue to unlock the value within our business.”
In London, Foxtons shares were up 1.6p or 2.7% changing hands at 61.2p.