Foxtons: London rents to keep rising

Foxtons expects London rents to keep on rising amid a dearth of flats and houses available to rent. The London rental market “remains characterised by an excess of demand over supply”, said Foxtons in a trading update. Higher rents helped to offset a drop in leasing volumes which have been hit by a lack of available rental stock. Revenue in Foxtons’ letting business climbed 21% in the opening three months of the year to £17.9m, compared with £14.8m in the first quarter of 2021. Foxtons’ sales business turned over £9.6m between January and March, down 9% on the £10.6m recorded in the same period of last year, when transaction volumes were inflated by the stamp duty holiday.

The Times