Foxtons (LSE:FOXT) Group PLC reported increased lettings revenue and profits in the first half of the year on higher average rental prices, longer tenancies and growth in build-to-rent and short lets.
The London-listed estate agent unveiled a 20%, or £6.5mln, hike in lettings sales growth but a 17% slump in revenues and financial services, which it attributed to a downturn from last year’s stamp duty bonanza.
The company insisted this reduction in sales was anticipated and in line with its expectations as the culmination of stamp duty relief created a “tougher comparative period.”
Meanwhile, it reported pre-tax profits of £4.3mln – a 21% jump compared with the same period last year.
Foxtons (LSE:FOXT) said: “While we saw good levels of buyer demand and agreed sales, the time for these transactions to exchange contracts has extended which can increase the risk of transaction fall through.
“The time for a property to convert from 'under offer' to 'exchange' was approximately 96 days, 23% higher than pre-pandemic norms, a trend we expect to continue through the second half.”
Its shares advanced 4.6% to 43.5p on the news.