Foxtons expands to become a national estate agency

It’s been reported that Foxtons is to create ‘virtual branches’ in as many as 15 UK cities outside London, plus commuter areas of south east England. 

This will turn the agency, for long identified with London, into a national brand.

The company was criticised earlier this week by one of its own investors - Catalist Partners - for failing to capitalise on its high profile reputation.

Now it is reported that Foxtons chief executive Nic Budden is to announce plans not only for UK expansion, but also additional foreign ‘desks’ on top of its existing China desk; this will coincide with an expansion of the agency's involvement with the sale of new build properties.

Earlier this week Budden told shareholders: "Foxtons has enormous potential and we are delighted to be able to set out our growth plans. For over 40 years we have operated through the ups and downs of the sales market cycle and emerge from the unprecedented challenges of 2020 a more efficient and capable business. 

“Our customer proposition is unique and the investments we have made in technology and data science capabilities give us competitive advantage and a solid platform for growth. 2021 has started extremely well with strong trading and the biggest acquisition in our history.

“We look out on significant opportunity to grow and have a clear plan to take advantage of it. Foxtons has a history of being a highly profitable business and when I reflect on the actions we have taken together with the opportunity and improving market conditions I am confident we can deliver significant shareholder value in the coming years.”