Foxtons has reported a five per cent annual uplift to its mortgage broking revenue of £2.4m for the first quarter of the year.
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.
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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
