Foxtons Group PLC (LON:FOXT) perked up on “early signs” of a housing recovery in London and the south-east following the election result.
Chief executive Nic Budden flagged however that competition in lettings is “fierce” and it is “too early” to predict how the market will behave as sales volumes are still being subdued by stamp duty prices outstripping incomes.
READ: Foxtons’ quarterly revenue hit by tenant fee ban, weak housing market
Group revenue dropped 4% to £107mln in 2019, reflecting a sight in the final three months of the year.
The tenant fee ban – a new law preventing agents to ask money for administration or referencing processes – cost £2.7mln as management chose not to increase other fees.
Lettings revenue dipped 2% to £66mln while sales revenue dropped 10% to £33mln due to uncertainty, especially at the higher end of the market. Mortgage revenue was up 3%.
Sales rose 4% to 84.5p on Thursday morning.