London house sales at highest level since before Brexit vote, says Foxtons
London house sales at highest level since before Brexit vote, says Foxtons
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Estate agent reports that revenues and profits for 2024 beat market forecasts. House sales in London are at the highest level since the Brexit vote dented buyer confidence, as the property market in the capital bounces back from almost a decade of setbacks, according to Foxtons.
The London-focused estate agency said it was handling the highest number of homes under offer since before the Brexit vote in 2016, as it reported that revenues and profits for 2024 beat market expectations. Guy Gittins, who started his career at Foxtons in 2002 and returned as chief executive three years ago, said the London house sales market had been “riding high” until the Brexit vote, which hit consumer confidence.
“Once the Brexit vote was announced the number of sales each year, certainly focused on London, started to diminish,” he said. He said a string of events since then have continued to keep London sales at lower levels, including changes of government, the pandemic and Liz Truss’s mini-budget which fuelled a rise in mortgage rates, affecting buyer affordability.
“The sales market has had a very tough time of it since the Brexit vote,” he said. “2023 was almost a record low level and last year was still historically quite low,” he said. “First-quarter 2025 revenue growth in sales … reflects strong under-offer activity in the fourth quarter.”.
Earlier this month, the building society Nationwide said it expected a sales rush as buyers try to push through purchases to avoid paying additional tax when the government’s changes to stamp duty in England and Northern Ireland come into force on 31 March.
