Editor's note: This brief was summarised by The Property AI Team from a report by Letting Agent Today. Read the original article for full details.
Renters Rights Act Bites Into Foxtons Profits as Lettings Revenue Falls
Foxtons has reported a financial impact from the Renters' Rights Act in a trading update to shareholders. The agency's lettings Q3 revenue fell by £2.3m, or 7%, to £31.1m.
Early Terminations Drive Revenue Hit
The decline followed a £2.7m impact from elevated tenant-led early terminations after the Renters' Rights Act (RRA) came into force on 1 May 2026, according to the trading update.
What This Means for Letting Agents
The figures give an early indication of how the RRA is affecting agency lettings revenue. For letting agents and inventory clerks, the reported link between the legislation and tenant-led early terminations points to a pressure point on lettings income since the Act commenced.
The update does not say how Foxtons intends to respond, and includes no figures beyond those cited above.
Source: Letting Agent Today