Foxtons announces five new offices with more to come

Foxtons has announced it will be opening five new offices in London this spring as part of its ongoing expansion plan.

In the last three years, it has added 13 new offices to its network.
 
Nic Budden, chief operating officer, said: “Foxtons has almost doubled in size since 2009, enabling us to serve more local customers and increase our brand presence and market share significantly throughout London.

“We see huge potential for further growth in London and the South-East in the near future.”
 
Foxtons’ new offices are to be in Brixton, Barnet, Enfield, Hackney and the West End. In each one, Foxtons will be offering its normal 0% commission offer to all new sellers.
 
Despite continuing challenging market conditions over the past few years, Foxtons said it has performed ‘exceptionally well’ and remains confident in the strength and future growth potential of the capital’s housing market.

Last year Foxtons was named as the UK’s fastest growing private equity backed estate agency in The Sunday Times Deloitte Buyout Track 100 league table. It also picked up 24 industry awards last year.

It has all amounted to a major transformation in both its image and its fortunes. Once known for its reckless sales techniques, it was the subject of a notorious fly-on-the-wall TV documentary.

Then, after being sold for £360m to US venture capitalist firm BC Partners by Jon Hunt at the height of the housing market in 2007, it slumped badly, with BC Partners admitting they had overpaid.

BC Partners lost control of their purchase in 2010, but bought back a majority stake almost exactly one year ago, paying around £75m to wrest it back from the banks.

However, Foxtons still finds itself capable of controversy: only yesterday it was plunged into the spotlight when it was named by a Which? team of undercover investigators over its fees to tenants.