ESTATE agent Foxtons has reported strong third quarter results, driven by sales transactions at their highest level in five years and rental tenants returning to their pre-Covid living arrangements in London.

The sales and lettings agency reported sales revenue of £38.3m, up 114 per cent from £17.9m in the third quarter last year, and £15m above 2019 levels.

This increase was down to positive trading momentum in the residential sales market, and Foxtons suggested that the increase on prepandemic levels "provides confidence that the increase in sales market transactions in London is not just a function of temporary stamp duty relief."

Looking ahead, CEO Nic Budden was confident these trends would continue and said: "We have good momentum going into the fourth quarter, with rents back to 2019 levels and an under offer sales pipeline that is significantly ahead of 2019 levels."

(c) 2021 City A.M., source Newspaper