Foxtons
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Latest property news
In a nutshell: the property share price freefall
If the share price of the UK’s residential stockmarket-listed corporates are the bellwether of the industry’s future health then estate agents should be battening down the hatches. Investors in London’s stock exchange clearly think Brexit, the recent Stamp Duty increases and last week’s letting fees ban are going to make selling or renting homes harder and less profitable in the coming months. Share prices have dropped alarmingly. Compared to a year ago when Brexit was still only a possibility, Countrywide’s share price is down by 52%, Foxtons by 37%, LSL Property Services by 33%, Belvoir Lettings by 15.7% and Savills by 13.9%. Even the industry’s digital superstars, so beloved of the City in recent years, have taken substantial hits including Purplebricks (-31%) and Rightmove (-11%) although Zoopla, whose model has helped its share price grow since August, is only down by half a percent as is Belvoir Lettings. Savills has also done better during the recent bloodbath which UBS analyst Heidi Richardson says is because the stockmarket knows only 9% of its sales come from selling homes in the UK. Purplebricks survived the lettings fees ban much better than its more traditional competitors after rushing out a statement that the…
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Latest property news
Is latest Foxtons branch opening such a bright idea?
The 64th Foxtons branch opening in London and the home counties is about to happen, featuring its signature café-style layout, design and green frontage. But it’s not been plain sailing for the agent, which is busy readying the site for its inaugural opening; window displays were still empty and builders appeared to be still working on the site when The Negotiator paid a visit. Missing from the front is any of the signature illuminated signage that most Foxtons are famous for, after planners turned down the company’s original plans for the site (see below) although change of use was eventually granted. Lambeth’s Assistant Director of Planning & Development David Joyce said in May this year that the advertisement (as he calls the illuminated sign) would be an “unduly dominant feature in the streetscene” and “detrimental to visual amenity” which is possibly his convoluted way of say “too garish.” He also said the signage, which in the plans was fairly small by Foxtons’ standards, was “unlikely to preserve, protect or enhance the locally listed buildings and the neighbouring Albert Embankment Conservation Area.” The branch is also being created within what was the headquarters of homelessness charity The Big Issue, whose magazine sellers…
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Latest property news
Brexit result worries the stock market
Housebuilders, banks and property agencies slip and slide as confusion reigns.
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Features
My time at the top
Peter Rollings famously helped steer Foxtons and more recently Marsh & Parsons to phenomenal success. Nigel Lewis meets him as he looks back on his career.
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Agencies & People
Stock options
Buy, sell, hold? Overperforming, underperforming – what does it mean when Rightmove shares go up, or Barratt falls out of bed?
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Features
How hot is your high street?
Everyone talks about national or regional figures for sales and lettings, but what’s it really like on the ground near you? Nigel Lewis finds out in Streatham, South West London.
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Latest property news
Foxtons’ profits fall
Foxtons saw pre-tax profits fall by 2.6 per cent in 2015 as the slowdown in the central London housing market, where prices are falling, adversely impacted on its business. The decline in profits to £41 million from £42.1 million was in line with expectations for the FTSE 250 indexed company, which previously warned of property headwinds in the market, causing its shares price to fall. The volume of homes changing hands in the capital fell by seven per cent in November 2015, compared with the corresponding month a year earlier, according to Land Registry figures. But the expansion of Foxtons’ mortgage broking business, which increased revenues by 31.8 per cent, helped to compensate for slower growth in income from sales as well as lettings. But in spite of the fall in profits, group revenue was up for the year to 31st December, rising 4.1 per cent to £149.8 million, supported in part by the opening of seven new branches last year, bringing the total at year end to 58. Foxtons plan to open a further seven offices this year, as part of a wider strategy to increase their coverage within the M25 area to 100 offices within the next five…
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Charity
Foxtons partners with London’s Air Ambulance
Foxtons has announced a three year charity partnership with London’s Air Ambulance. The charity was unanimously chosen by employees following the charity’s current ‘Your London...
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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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Features
Focus on the money!
“Everyone does their search on the portals, I don’t need my own site.” This, clearly, is nuts, says Jeremy Tapp.
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