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Lettings props up ailing sales departments

by ARPM

Ah the F word – Foxtons. It’s an agency often used as a barometer of success in the property world and its latest figures show a slide in sales. An industry journalist reporting on the results described lettings as keeping the agency ‘above water’ – making up for the losses incurred by poor sales, especially in London.

Lettings income within Foxtons is rising, bringing in £1 million more in revenue during 2018 than in 2017 (up from £66 million to £67 million). An astonishing £12 million of revenue from lettings was generated in the last quarter of 2018 alone – a rise of 4% when compared to the same quarter in 2017.

Now let’s bring that lettings income into perspective. Foxtons’ sales revenue for 2018 was £36m – down from £43 million in 2017. The figures speak for themselves and with forecasts showing that almost 1 in 4 households in England will be renting privately by 2021, a huge opportunity presents itself.

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