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Foxtons is coming to your area as agency prepares huge expansion

'Virtual' offices are to be opened in 15 cities as well as in the Home Counties outside London, the company has announced.

Nigel Lewis

foxttons budden

Foxtons has revealed ambitions plans to expand its business via virtual branches in the SE of England as well as 15 major cities and several foreign high-value markets too.

The bombshell announcement by CEO Nic Budden to an investor meeting follows criticism of the company from minority shareholder Catalist Partners.

Budden told investors listening to the virtual presentation that a virtual pilot in Berkshire last year went well and that the model would be rolled out across the Home Counties soon.

“Whilst it’s still early days I’m pleased with progress and it’s been encouraging to see our brand and premium fee working well in this area,” he said.

Despite Foxtons only operating in London, 36% of people canvassed around the UK had heard of the agency and Budden said it intended to leverage this with an ‘asset light model’ in cities such as Cardiff, Bristol, Manchester, York, Leeds, Birmingham, Edinburgh and Glasgow.

New Homes

Foxtons is also to roll out a separate New Homes capability offering investment opportunities to London buyers seeking UK-wide new homes investment sites.

Budden also said that, although it already had a China desk, Foxtons is to consider opening operations in the world’s major high-value markets which, although he didn’t name them, would probably include places where many of its London rivals already operate such as New York (where it previously an operation), Dubai, Paris, Tokyo, Sydney and Geneva.

Foxtons’ CEO also said the business expects its recently-implemented in-house developed ‘game changer’ CRM system to deliver significant new revenues of up to £13m a year by increasing its sales funnel by 1%.

June 4, 2021

3 comments

  1. Foxtons certainly have a national and global potential with their established brand but is London centric at the moment, if Nic Budden CEO can get the mix and reality of virtual branches which make a profit at scale turned into a reality – well this will be a great strategy. Given that only top drawer agents will want to jump on board, it could be a good way to grow, not unlike the Rollo Miles Agents and Homes model

  2. I would imagine it easier to increase profitability by focusing on London than expanding into areas they don’t understand. Purplebricks shot back here with its tail between its legs after disasters in USA and Australia. I would hate to see Foxtons make the same mistake.

  3. Foxtons certainly have a national and global potential with their established brand but is London centric at the moment, if Nic Budden CEO can get the mix and reality of virtual branches which make a profit at scale turned into a reality – well this will be a great strategy. Given that only top drawer agents will want to jump on board, it could be a good way to grow, not unlike the Rollo Miles Agents and Homes model.

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