Foxtons' house sales division revenue plunged 35% to £10.7mn in Q1 2026, far below £16.4mn in the prior year when stamp duty cuts spurred buyer rush. The London estate agent’s total revenue fell 10% to £39.6mn versus £44.1mn in 2025, as lettings revenues rose 5% from acquisitions in Birmingham and Milton Keynes. CEO Guy Gittins cited Middle East conflict fallout—higher mortgage rates, lower product availability—as dampening buyer sentiment. April’s Rightmove data showed UK buyer demand down 7% YoY, while Santander’s first-time buyer mortgage rate edged down to 5.60% (0.25ppt reduction).

Foxtons also cut £3mn in costs, redeploying staff to lettings and support roles. Financial outlook remains unchanged.