StockMarketWire.com - Real Estate agency Foxtons said revenue jumped 50% for the nine months ended September thanks to positive trading momentum in the residential sales market and a recovery in rents.

For the nine months ended 30 September, revenue up 50% to £103.6 million year-on-year and up 24% on the same period in 2019.

Lettings revenue was up 28% to £58.0 million, with volumes were up 11% on last year and average revenue per deal was broadly flat.

The trend of excess listing that was weighing on rents had 'largely reversed during the quarter, with lettings listings now at historically low levels and rents having returned to pre-pandemic levels in August and September,' the company said.

Sales revenue was up 114% to £38.3 million, and up from 2019's £23.8 million.

'The sales business has had a strong year reflecting market share growth, increasing prices and transaction volumes which have been at their highest levels since 2016,' the company 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.'

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