Foxtons Q1 sales revenue falls 35% to £10.7m as London buyer activity softens after 2025 stamp duty rush

Foxtons reported a 35% year-on-year fall in Q1 sales revenue to £10.7m in its 23 April trading update, citing lower-than-expected new buyer activity, geopolitical uncertainty, rising mortgage rates and reduced product availability. Lettings revenue rose 5% to £26.4m and softened the blow, but group revenue still fell 10% to £39.6m. The comparator is flattered by last year's rush to beat the 31 March 2025 stamp duty deadline, so some of the drop is a base effect rather than fresh deterioration. For sellers in and around London, the read-through is that transaction volumes remain thin and pricing power is weak heading into the spring market.