Foxtons has revealed £4.5m in savings over the past year, with £3m of that coming from what it calls “right sizing” in response to a slower sales market. As an independent agency, we think it’s worth looking at what is going on behind the headlines and what it tells us about the wider market.
In an update to shareholders, the agency said the savings had come from operational changes designed to suit a lower volume market, with further improvements to productivity and margins expected to follow.
Sales activity has been tough across London this year. Foxtons chief executive Guy Gittins pointed to 2026 potentially being one of the weakest years for transaction volumes on record, and used the update to call for Stamp Duty reform to help first time buyers, growing families and downsizers alike.
It is not all doom and gloom, though. Lettings has been a strong spot for the business, with Build to Rent revenue up 29% and ancillary landlord and tenant services up 17%. Cross selling of property management services also grew by 10%, and Foxtons expects that to keep climbing as landlords adjust to the Renters Rights Act.
At Drivers & Norris, we keep a close eye on how the wider industry is adapting, because it shapes the advice we give our own clients. We are always happy to talk through what these trends could mean for your own move. Get in touch anytime.
Source: Estate Agent Today
— Drivers & Norris