The share price of Foxtons, once lauded as the fastest-growing and most successful estate agency in the UK, yesterday sunk to an all-time low of 62p, only 3p shy of the sector’s lowest-value stock, Hunters.

Foxtons’ shares have been haemorrhaging value since early April this year following a series of unremittingly gloomy trading updates that have revealed dramatic year-on-year plummets in profits and turnover.

Its most recent update last month revealed that market conditions in the capital remained “very challenging”. Group revenues for the first three months of 2018 were £24.5 million, down from £28.7 million during the same period the year before.

All parts of its business including sales, lettings and mortgage lending saw dropping revenues.

This has led to many City investors ditching the company’s shares, which peaked in March 2014 at £3.89 when the company held an unassailable and increasingly dominant position in what was then a booming London market.

foxtons share price

Its current share price represents an 86% reduction from this peak following yesterday’s 4% drop in its share price.

It’s been a bad few weeks for the company. Last month a national newspaper ran an unflattering story about a landlord’s experience with two nightmare tenants that Foxtons had sourced and referenced.

And two weeks ago London Mayor Sadiq Khan included Foxtons on his online ‘name and shame list’ of unscrupulous agents over a 2017 fine of £35,000 won by trading standards officers at the London Borough of Tower Hamlets. It appealed the fine last week and lost.

But the continuing slump in Foxtons’ share price is not unexpected. Following its 17th May update, analyst Credit Suisse set its share price target at 56p.