Foxtons has revealed that in the final quarter of last year its revenues were only £26m - down a quarter on the same period of 2015. Meanwhile for 2016 as a whole, revenues are down to £133m - 11 per cent less than the year before.
Even so, it says two new branch openings will go ahead as scheduled this year.
In figures to the City, the London-centric agency says adjusted earnings are expected to be some £25m for the year as a whole - that’s around 45 per cent less than in 2015.
The chief executive, Nic Budden, says this may just be the start of a difficult year. Here is his statement to shareholders:
“Despite a challenging year across the residential property markets, we have continued to make good progress in respect of our strategic initiatives, including building our presence in the private rental sector and new homes, and leveraging our technology using data analytics and digital marketing to enhance our customer proposition.
“We also opened seven new branches in 2016 and a further two branches in outer London are due to open in Q1 2017.
“Looking ahead, we expect trading conditions to remain challenging in 2017. Should current levels of sales activity continue in the short term, it is likely that 2017 volumes will be below those in 2016. Our balanced business model provides resilience against sales market cycles and we have a strong balance sheet with no debt.
“Our high-touch approach to customer service continues to be a key differentiator and as the most recognised residential brand in London, we are uniquely positioned to manage through the market uncertainties and take advantage of any change in conditions.”
Foxtons has received lavish praise from investment consultancy Jefferies despite long-term...
Foxtons has told shareholders that it has enjoyed "a good year of...
Foxtons has given an upbeat trading update to shareholders this morning. It...
In a trading statement this morning Foxtons has revealed that following...
When we talk in general terms about the UK housing market,...
The plight of the nation’s first-time buyers may be the focus...
Dog-owning house buyers who want to live in areas of abundant...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
Let's be honest – landlords are the lifeblood of any letting...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
A client account is essential to your lettings business, but the...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
It’s no secret – 2023 is a difficult year for the...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
Interesting report this week in Estate Agent Today on an analysis...
An anti-money laundering (AML) expert has queried why there is a...
%20A%20property%20tale%20for%20our%20times.png)
If you want to hear of a tale for our industry’s...
MPs have launched an inquiry on improving the home buying and...
The Law Society is facing backlash from conveyancers after issuing new...
Further estate agency regulation won’t be too expensive for the industry,...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you and what does it say on your...
Join the conversation
Jump to latest comment and add your reply
when your at the top there is only one way to go - down
Where would they be without lettings? Although the proposed fee ban must really have them quaking...
Oh dear. Not looking so good for the estate agent that everyone loves to hate.
As Andrew Jones says, though, there is so much expanding and growing you can do before you reach a peak and start to come tumbling back the other way at a rate of knots.
Allison Platt likes this.
think Alison Platt has more to worry about than liking this especially with the way CW are going
This has more to do with Foxtons than the industry as a whole due to the fact Foxton is so London-centric and concentrate purely on high end property.
Please login to comment