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.”
Following speculation overnight, Foxtons - one of London's leading and most...
Estate Agent Today has been told that Lecram Holdings – the...
Rightmove has this morning named Andrew Fisher as its non-executive chairman,...
Humberts has announced new overseas investment as it continues to shift...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.png)
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...
Join the conversation
Jump to latest comment and add your reply
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'
Please login to comment