Foxtons chief executive Nic Budden has been given a salary boost.

It rises from a basic of £461,250 last year to one of £550,000 this year.

The maximum bonus that he can achieve has been lifted from 125% of basic to 150%.

Last year, Budden received a total pay package of £865,000.

The figures are given in the firm’s annual report, where the chairman of Foxtons’ remuneration committee notes that “an increase of this magnitude is unusual” but that key shareholders resolved it was the correct decision.

The annual report says that Foxtons had “identified a need to significantly improve the competitiveness of its CEO remuneration”.

It said that since Budden took over in 2014, he had shown strong leadership.

Last year, Foxtons had revenue of £149.8m, up 4.1% on the previous year, with a 2.6% drop in pre-tax profits.

Average revenue per branch was £2,748,000, down from £3,030,000 in 2014. Average revenue per employee was almost unchanged at £113,254.