Foxtons CEO Guy Gittins told Reuters that there is an extreme imbalance between supply and demand in the rental market, driving up prices. The number of lettings applicants registering with the company has surged 172% currently compared to pre-pandemic 2019. Foxtons said it expects the wider home sales market to remain challenging as high mortgage costs and tight credit conditions make home purchases less affordable. The company posted a 10% jump in half-year adjusted operating profit at 6.8 million pounds ($8.8 million), mainly on strength of its prime lettings business. The group's revenue from continuing operations grew 9% to about 71 million pounds, while revenue from the lettings division jumped 26%.

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Persons: Guy Gittins, Gittins, Foxtons, Aby Jose Koilparambil, Eileen Soreng Organizations: HY, Reuters, Thomson Locations: London's, London, Bengaluru