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Foxtons hit as London housing market ebbs


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13 minutes ago, warrior88 said:

Their earning is directly linked to number of transactions.

But interestingly, share price at 82.00.

Yes I know, I often thought that high prices could be a bad thing in the long run for estate agents as it would mean that people move less and haggle more on the commission, guess I was right.

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6 minutes ago, iamnumerate said:

Yes I know, I often thought that high prices could be a bad thing in the long run for estate agents as it would mean that people move less and haggle more on the commission, guess I was right.

To add to that: online estate agents such as purple bricks are killing the high street EAs.

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1 hour ago, Mrs Bear said:

65% drop to Dec 17 - you do have to wonder what their year to Dec 18 is going to be like. 

 

https://www.gov.uk/government/news/government-action-to-end-letting-agent-fees

Lettings fee ban due sometime early to mid 2019 I believe.Will be brutal on their bottom line-if they still have one.

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53 minutes ago, iamnumerate said:

That is partly because of the high prices, if my house were worth £80k I would not haggle as much on commission as I would if it were worth £400k.

Funnily enough...

Just putting family home on market due to under occupation (only Mrs HB42 there full time, boys abroad).  c. £400k

 Agent starting punt was only 0.9% + VAT.  Refused that and instead offered £1500 plus 2% of excess over £350k.

 

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4 hours ago, hotblack42 said:

Funnily enough...

Just putting family home on market due to under occupation (only Mrs HB42 there full time, boys abroad).  c. £400k

 Agent starting punt was only 0.9% + VAT.  Refused that and instead offered £1500 plus 2% of excess over £350k.

 

Even 0.9% is a lot less than they used to want (they wanted a bit more IIRC but didn't get it) for selling my flat which was not worth anything like that in 2006.

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  • 1 year later...
Quote

Revenues at London-based estate agent Foxtons have fallen as the housing market in the capital continues to weaken.

Third quarter revenues fell 7% to £32.5m, and for the first nine months of the year are down 5% to £83.6m.

Foxtons said sales in London were hit by "ongoing political uncertainty", and sales revenue for the quarter dropped 15% to £8.4m.

Its lettings business held up better, although Foxtons said the tenant fee ban - which prevents letting agents from charging fees to tenants when setting up or renewing a tenancy agreement - meant revenue on that side of the business slipped 4%, to £22.1m.

Chief executive Nic Budden said: "Overall, this was a resilient performance set against the London sales market which continues to deteriorate and the impact of the tenant fee ban on our lettings business."

 

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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