London estate agency Foxtons reported group revenue of £172.5 million for 2025, representing a 5% increase, while operating profit remained largely static at £22.2 million compared to £22.1 million in the previous year.
The company attributed the flat profit performance to increased operational costs, including higher National Insurance contributions and National Living Wage requirements, alongside broader inflationary pressures affecting the business.
Sales market challenges persist
Foxtons warned that market conditions in London remain difficult, stating: “The London sales market remains challenging, with buyer demand in early 2026 continuing to be held back by weak consumer confidence.”
The agency indicated it is “focused on repositioning the sales business for these lower volume market conditions to accelerate the path to profitability.”
Lettings business drives performance
Sales revenue increased 6% from £48.6 million to £51.3 million, with growth attributed to revenues from acquisitions in commuter markets. Lettings revenue rose 5% to £111 million from £106 million, supported by acquisition revenues and expansion of property management services.
Financial services revenue grew 10%, driven by operational improvements and increased refinancing activity.
CEO Guy Gittins stated: “Our continued focus on growing non-cyclical and recurring lettings revenues enabled us to maintain adjusted operating profit despite a volatile sales market.”
Geographic expansion continues
In January, Foxtons acquired Birmingham-based lettings agency FleetMilne for £3.2 million, marking the company’s first significant expansion outside the South East region.
Gittins said the acquisitions in Milton Keynes and Birmingham “have extended our footprint into high-growth markets outside London” and reflect the company’s strategy of “entering new markets by acquiring leading agents that act as platforms for further organic and acquisitive growth.”
The company cited the fragmented nature of the UK estate agency market as creating opportunities for consolidation, noting it maintains “a strong pipeline of opportunities” for future acquisitions.
