Foxtons Group PLC (LSE:FOXT) reported a good start to 2022 with revenues in the first quarter 8% ahead of the prior year at £30mln.
Releasing a brief trading update ahead of its annual shareholder meeting, the estate agent said the supply of stock with its Lettings business remained tight, with upward pressure on rents as people return to city centres.
Benefitting from a full three months of contribution from the acquisition of D&G compared to one month last year, Lettings saw the fastest rate of growth, with sales up 21% to £17.9mln,m with organic growth at 10%.
In Sales, the under-offer pipeline is 8% ahead of the prior year currently, but another tougher quarter is on the way in terms of comparison with last year, when there was a surge in activity ahead of the 30 June 2021 deadline for the Stamp Duty holiday.
"Our sales business has continued to deliver market share growth and entered the second quarter with a healthy under offer pipeline," said boss Nic Budden.
As part of its growth strategy, Foxtons (LSE:FOXT) is increasing the number of sales negotiators in its branches "to maximise the available revenue and profit opportunity".
Mortgage Broking revenue increased 5% to £2.4mln as the remortgage business saw a good level of growth as homeowners look to lock in rates ahead of further rate rises.