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High rents and longer tenancies boost Foxtons revenues

October 27, 2022

Via: Sky News

The London-listed company reported taking in £29.2m in lettings revenue in the three months from July to September this year, an 18% increase on the £24.8m taken in over the same period last year.

That increase came due to the rising rents. Foxtons cited strong domestic tenant demand, growth in international tenants and corporate relocations over the summer months, coupled with “constrained” rental stock.

At the same time there was a 23% increase in the average revenue per rental transaction as those higher rents along with longer tenancies made up for a 9% fall in the number of lettings that took place.

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