Foxtons sees sales under offer surge to nine-year high
Foxtons sees sales under offer surge to nine-year high
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Estate agency Foxtons has seen the number of London properties under offer surge to its highest level since the Brexit vote as first-time buyers rush to complete ahead of stamp duty changes. The London-based chain said its pipeline of under-offer sales started 2025 “significantly” higher than a year earlier and at its highest since 2016, which it hopes will “underpin” overall revenue growth in the first quarter.
“The growth in the under-offer pipeline is partly driven by first-time buyer activity ahead of increased stamp duty rates from April 2025, which may result in some buyer activity being accelerated into the first quarter of 2025 ahead of the deadline,” Foxtons said.
The rush in sales comes ahead of changes to stamp duty that were announced in the Budget, which will see first-time buyer discounts become less generous. We start the year with the highest opening under-offer pipeline since the Brexit vote in 2016. From April 1, the “nil rate” stamp duty threshold for first-time buyers will decrease from £425,000 to £300,000.
The wider nil rate threshold will also drop across the board for residential property purchases, from £250,000 down to £125,000. Foxtons added that the sales business was “well positioned” to return to profitability this year, if the upbeat market conditions continue.
