Foxtons sales surge by 16.2% as house buyers rush to beat stamp duty rise


Foxtons has said sales rose by a record 16.2% to £38.4 million in the first quarter after buy-to-let investors rushed to beat the rise in stamp duty that came into force in April.

However, the London estate agent also warned that Brexit fears could result in a challenging six months.

"We expect the first half of the year to be challenging with a reduced sales pipeline entering into Q2 and the underlying short-term impact on transaction volumes from the uncertainty around the European referendum," chief executive Nic Budden said.

Foxtons saw commissions from property sales rocket 28.5%. 

Mr Budden added: "We have had a strong start to the year with a record first quarter driven by a number of sales transactions being brought forward before the introduction of the additional stamp duty surcharge on buy-to-let properties. 

"Our expansion strategy remains on track as we continue to increase our market share in outer London."