Foxtons eyes £50m profit as it sharpens focus on mortgage growth

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Estate agency group Foxtons set out the second phase of its transformation strategy today, targeting a doubling of adjusted operating profit to £50 million in the medium term and placing a sharper emphasis on its growing financial services arm, including mortgages.

Speaking at a Capital Markets Event hosted at the London Stock Exchange, Foxtons’ leadership outlined how its scalable business model will increasingly harness its proprietary technology platform and extensive data assets to unlock further growth — particularly through cross-selling mortgages and insurance products to a captive lettings and sales customer base.

Mortgage and financial services revenues were identified as a key pillar in the Group’s updated roadmap, alongside bolstering lettings income and improving profitability in sales.

Foxtons said it is now embedding artificial intelligence to drive up performance in mortgage lead generation, conversion, and customer retention.

“Cross-sell opportunities within Financial Services represent a significant, underutilised revenue stream,” said CEO Guy Gittins. “Our platform captures rich customer data at multiple touchpoints, and with AI now helping us score leads and identify mortgage needs earlier in the property journey, we’re in a strong position to increase uptake.”

Initial AI applications include propensity modelling to identify which tenants or buyers are most likely to require mortgage advice or related financial services. This intelligence is now being used to proactively engage customers through bespoke digital channels.

The group also plans to increase customer lifetime value through more integrated digital services, including real-time feedback systems and sentiment analysis. This, it said, would deepen relationships and improve retention across its client base — particularly in Financial Services, where switching remains a challenge.

Foxtons will continue pursuing bolt-on acquisitions in its core London footprint, while expanding into high-value commuter markets that present growth opportunities for both estate agency and mortgage lending.

Gittins added: “We have a clear and scalable strategy, an industry leading operating platform and a commitment to delivering outstanding results for our customers through reliable, high-quality service. I’m excited about the opportunity ahead, and I’m confident we have the right strategy, people and the best technology-led platform in the industry to power our future growth and create long term value for shareholders.”

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