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TODAY'S OTHER NEWS

Foxtons chairman to stand down next week

Foxtons has this morning announced that chairman Garry Watts is to retire from his position on March 1.

He is also quitting the board of the agency at that date.

Ian Barlow, currently the company's senior independent director, will assume the role of Chairman on this date.

In its most recent trading statement, just three weeks ago, Foxtons revealed that it suffered another huge slump in sales in 2019.

Sales revenue plummeted 10 per cent to £33m “as transaction volumes were impacted by ongoing political uncertainty, particularly at the higher end of the market” according to the company.

On the lettings side, it calculated the impact of the tenant fee ban was £2.7m; lettings revenue for the group dropped two per cent to £66m for the year “driven by our decision not to increase fees in response to the ban.”

 

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    When we were looking at the numbers for the Michael Bruce 88% claim, we looked at everyone, it was evident that Foxton's niche was under huge pressure because of the elections, referendum and Brexit uncertainty.

    Low interest rates and help to buy have pushed prices of the sort of properties Foxtons sell well beyond trend so I suspect this story has implications beyond 'Mr. Watts is retiring'

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