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."