Foxtons share price surges again after years of pain

Foxtons is enjoying another surge in its share price at the start of the year after a strong finish to 2023.

So far this year the share price has jumped more than 11% to 53.38p, and in the last month the London agency’s value has leapt nearly 25%.

Fastest growing

Only last week, The Neg reported data from TwentyCi which revealed that Foxtons was the fastest growing UK agent in both lettings and sales.

The figures showed that the agency had seen a 36% increase in market share in the lettings sector in 2023, and 28% in sales.

This rate of growth outperformed the closest competitor, with Connells ranked second with a 9% increase.

In 2023 we have driven an enormous amount of change throughout Foxtons.”

Guy Gittins, Foxtons CEO (main picture), said: “In 2023 we have driven an enormous amount of change throughout Foxtons, investing heavily in our people, technology and brand.

“The hard work and dedication of each and every person at Foxtons has meant we have not only reclaimed our position as London’s largest sales and lettings estate agency brand, we’re also very proud to be the fastest growing sales and lettings brand across the whole of the UK.”

Pushing for sale

In November, major shareholder Milkwood Capital, which owns a 4% stake in the listed company, said the only way it could make real progress was by being sold.

The investment fund joined fellow shareholder Converium Capital in pushing for a sale of Foxtons, The Sunday Times reported. Between them the two investors own 10% of the firm.

Also in November, Foxtons bought seven-branch rival Ludlow Thompson for £10m from its retiring co-founders Stephen Ludlow and David Thompson.