FOxtons in the Times3 Mar 2022 00:15
Foxtons has bounced back to a profit after two years of losses on the back of the buoyant property market. The estate agent returned to a pre-tax profit of £5.6 million for 2021 after a loss of £1.4 million the year before, following the easing of pandemic restrictions and rising housing prices, which are up 20 per cent compared with February 2020. The company, founded in Notting Hill, west London, in 1981, reported a jump in revenues to £126.5 million for 2021 versus £95.6 million in 2020. The upbeat results extended to its mortgage broking arm, Alexander Hall, which Foxtons confirmed will be retained, despite a strategic review of the business in July. Nic Budden, chief executive, said the company had a good year and had successfully delivered the first phase of its growth plan. It was “confident of delivering further growth this year and into the future,” he added.
“The sales market remains buoyant, with our current under-offer sales commission pipeline marginally ahead of 2021, and we have a good pipeline of potential lettings portfolio acquisitions.”