x
By using this website, you agree to our use of cookies to enhance your experience.
CORONAVIRUS UPDATE

See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 285,787 | UK Deaths: 44,216 SEE MAP Italy Confirmed cases: 241,184 | Italy Deaths: 34,833 | Italy Recovered: 191,467 SEE MAP Spain Confirmed cases: 250,545 | Spain Deaths: 28,385 | Spain Recovered: 150,376 SEE MAP See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 285,787 | UK Deaths: 44,216 SEE MAP Italy Confirmed cases: 241,184 | Italy Deaths: 34,833 | Italy Recovered: 191,467 SEE MAP Spain Confirmed cases: 250,545 | Spain Deaths: 28,385 | Spain Recovered: 150,376 SEE MAP

award
award award
award award

TODAY'S OTHER NEWS

Foxtons sales commissions collapse by 61% during Coronavirus period

New figures released by Foxtons this morning show a collapse in commission income to the agency during the Coronavirus period.

Sales commissions were down 61 per cent, lettings commissions down 40 per cent, and mortgage broking revenues down two per cent. 

However, the company overall has raised more cash to keep its head above water. A statement to shareholders says: “Following the successful completion of the share placing of equity capital on 17 April, the company ended April with a net cash balance excluding lease liabilities of £37.1m.”

The company says it is engaged in a phased re-opening of its branches; all will be open by next Monday, June 1, following safety assessments.

It adds: "The additional measures implemented in our branches include: social distancing procedures throughout; enhanced hygiene and office cleans; and, mandatory Covid-19 training for all employees to engage appropriately with customers. Physical viewings and valuations will recommence over the same timeframe under tightly controlled conditions with social distancing in place. Customers will be encouraged to view properties virtually in the first instance, and for any physical viewings to meet directly at the property.

"There will be a restriction on the number of people attending viewings with participants only able to attend if they confirm in advance they are not infected or displaying symptoms of Covid-19. Foxtons agents will be using appropriate PPE including hand sanitiser, face coverings and gloves when visiting properties. A number of employees will continue to work from home where it is possible to do so effectively."

  • icon

    So Foxtons now have more cash in hand, due to the share placing, than they did before the Pandemic?

    Completely changes the face of local markets if they now use this money wisely on gaining greater market share, in contrast to previous years where money has been wasted or removed from the business, and provides clarity to the maxim that there will be winners and losers from this recession.

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up