In its financial update for the period, the group said the performance of brokerage Alexander Hall was due to “good growth” in repeat remortgage business, which offset the lower volume of purchase completions. 

It has also begun its plan to grow its mortgage broking business by building its financial adviser base. 

Overall, Foxtons generated a revenue of £30m during the quarter, up eight per cent on 2021. This included its lettings revenue, which came to £17.9m, and its sales revenue, which amounted to £9.6m. 

These represented annual differences of a 21 per cent increase in lettings revenue and a nine per cent drop in sales.

The group attributed the decline in sales to the surge in purchase activity last year during the stamp duty holiday. 

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Nic Budden, chief executive of Foxtons, said: “I am pleased to report we have had a good start to the year, with all areas of the business trading in line with our expectations.”