FOXTONS recorded strong growth in pre-tax profits for 2014, it was revealed yesterday, despite a sharp downturn in the second half.
The London estate agent said the first six months of last year were characterised by strong property sales, with transactions at their highest levels since 2008.
The second half saw a marked cooling in the London housing market, especially in central London, which was partially offset by buoyant lettings, accounting for 47 per cent of revenues.
The firm said it expected property sales to remain subdued in the coming year, with the General Election and the potential uncertainty weighing on market activity.
Foxtons listed it key concerns for the future as being the availability of mortgage finance in London and the south east, counterproductive government policy and competitor challenge.
Group revenues increased 3.4 per cent in 2014 compared with the year before, while profit before tax rose 8.2 per cent during the period.
The company remained confident of London’s prospects, describing the market as having attractive and sound fundamentals and it will continue to open new branches in 2015.
Commenting on the results Nic Budden, chief executive, said: “We continue to be confident that our organic expansion strategy, together with our strong lettings business, will enable us to grow revenue and profit even in a flat property sales market.
“Our new branches are performing well and we are on track to open another seven this year.”