Foxtons confirms six branch closures - but says no more to come

Foxtons has this morning confirmed that it has now closed six branches.

There was high-level publicity given to the closure of its Park Lane and Barnes branches early in the autumn but now the firm says it has also closed four others at Beckenham, Enfield, Loughton, and Ruislip.

“We continue to cover over 85 per cent of London from 61 branches and have no current plans for further closures” says the company in a trading statement to investors.

Commenting on the three months trading to the end of September, Foxtons chief executive Nic Budden says: “This was a solid quarter in a challenging market. Whether it’s securing a premium valuation for a house sale or letting a property to a quality tenant, we know our customers value exceptional service that delivers results and this is how we differentiate ourselves. We are managing the business for the current market conditions and remain confident in our long-term prospects.”

The statement continues: “The Group delivered a solid third quarter performance as the trends set out in July continued through the period. Group revenue was flat year on year at £35.1m (2017: £35.1m), taking total revenue for the nine months ended 30 September 2018 to £88.1m (2017: £93.7m).

“Lettings revenue was £23.1m (2017: £22.5m), as our enhanced offer and improved resourcing enabled us to capitalise on demand in what remains an attractive market.

“Sales revenue in the quarter was marginally lower at £9.9m (2017: £10.3m), which is a solid performance amidst ongoing reduced transaction levels. Revenues in our mortgage broking business, Alexander Hall, were £2.1m (2017: £2.3m).”