London looking up at last, say Foxtons and Chestertons

Foxtons has reassured investors that 2021 has started well and the agency is on the road to recovery after the Coronavirus and London sales market woe. 

The agency has reported a 24 per cent rise in revenue to £28.5m for the first quarter of 2021. 

There’s been a 60 per cent growth in the sales business and the mortgage division saw a 20 per cent revenue rise to £2.3m.

Chief executive Nic Budden says: “The acquisition of Douglas & Gordon [announced earlier this year], the largest acquisition in our history, represents an acceleration of the Group's strategy and is a business with significant potential.

“Our recent investment in Boomin demonstrates our commitment to remain at the forefront of technology.

“As we look forward, the strong trading momentum is expected to continue through the second quarter and together with tight cost control gives us confidence that operating profit for the first half will be significantly higher than last year."

Meanwhile another London focussed agency, Chestertons, says it’s had a spectacular March. 

There was a 57 per cent increase in the number of people looking to buy, and chief executive Guy Gittens says: “To date, it has been the most active market we have seen since 2006 based on the volume of property transactions, conducted viewings and the number of buyers entering the market. Equally, we have seen a steady increase in properties coming to the market which, in the long run, will result in property prices staying pretty flat.”

The agency states that between February and March, it saw a 39 per cent increase in viewings, a 28 per cent rise in offers made by buyers and a 40 per cent increase in new properties coming to market for sale.