Foxtons London
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Latest property news
London’s tough sales market squeezes Foxtons revenues
Tough conditions in the London market have driven down sales revenues at Foxtons by over a third during the past three months, its latest trading update has revealed. Total revenues at the company for the third quarter of this year were £37.5 million, down by 13.7% from £43.5 million during the same period last year. It’s total for the first nine months of the year is also down, from £114.5 million to £106.3 million. Such a weak performance is largely down to it sales division, where revenues were down by nearly 34% to £12.2 million, while revenues from its lettings operations rose, but only by £200,000 to £22.8 million. CEO Nic Budden (pictured, left), who will earn £550,000 this year before bonuses and share incentives, said: “The long term fundamentals of the London property market remain very attractive and represent a huge opportunity for growth with nearly £3bn in total sales and lettings commissions on 2015 volumes. “We have built Foxtons to withstand sales market cycles with our lettings revenue comprising over half the business. We are pleased with the response we have seen to the strategic initiatives which we have implemented to grow our lettings business, and also the…
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Agencies & People
Foxtons set to significant increase London presence
The multi-award-winning estate agency has announced that it wants to open as many as 42 new branches across London and the South East by 2020, as part of its strategy to increase its market share within the M25 area. Foxtons, which currently has 58 branches across the South East of England, says that it will be increasing their coverage within the M25 to 100 offices. Openings so far this year have included; Barnes, Walthamstow, West Hampstead, Ruislip and Bromley, while last week the company opened two more branches in Surbiton and Croydon. To mark the launches, Foxtons has been offering its familiar 0% commission offer for a limited time period, in a bid to boost local market share. Andrew Weir, Managing Director at Foxtons, said, “Our expansion strategy currently focuses on the outer London areas which are continuing to show considerable growth, and we look forward to bringing our 34 years of knowledge and expertise in the property market to these local communities.” News that Foxtons will be increasing its presence will undoubtedly be met with fear and anger from rival agents in some of those areas it targets. Earlier this year, estate agents in West Hampstead, North West London,…
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