Real estate agency Foxtons Group’s sales fell 35% year on year in Q1 2026, with revenue down 10%, as new buyer activity slowed.
In a trading update for Q1, Foxtons reported total sales of £10.7m, down from £16.4m in Q1 2025. While sales have dipped, lettings income rose 5% to £26.4m, from £25.2m in the same period last year.
Total revenue for the quarter stood at £39.6m, down from £44.1m in Q1 2o25.
Foxtons said the drop in sales reflects an “exceptionally strong” prior‑year comparator when volumes rose ahead of the 31 March 2025 stamp duty deadline, as well as a “more challenging market backdrop” in Q1 2026.
It added that new buyer activity during the period was lower than initially expected, impacted by “elevated levels of uncertainty stemming from recent geopolitical developments and subsequent increases in mortgage rates and lower mortgage product availability”.
Last year, the group’s total revenue increased 5% year on year to £172.5m.
Chief executive Guy Gittins said the group delivered a “resilient performance despite recent market headwinds”.
He added: “In the quarter, we acquired lettings businesses in the high-growth, complementary markets of Birmingham and Milton Keynes. This, combined with organic growth and increasing take up of our property management services, meant that lettings revenues increased 5% in the period.
“”The sales market remains subdued and has been further affected by recent events in the Middle East, which have tempered buyer sentiment and impacted mortgage rates and availability.
“As ever, Foxtons is focused on what we can control by managing costs, increasing efficiencies and repositioning our sales business to mitigate the impact of the market [slowdown].”
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