Foxtons to launch share buyback scheme as revenues improve

Foxtons has revealed recent sales growth, and the London estate agency chain will launch a £3 million share buyback programme.

Estate agencies have seen buyer numbers surge since lockdowns eased earlier this year, with pent-up demand and people enticed by a stamp duty holiday introduced in July.

Foxtons, known for its fleet of Mini Coopers, said revenue in  October and November was £14.8 million, up 2% on the same period last year,

Foxtons, led by Nic Budden, added that as a result of the “improving revenue trend and the continued tight control of costs”, the board now expects adjusted operating profit to be between £1 million and £1.5 million for the full year. In 2019 it recorded a £700,000 loss.

Estate agents and housebuilders suffered at the start of the lockdown in March, as people were urged to avoid moving where possible and viewings stopped.