Foxtons’ share price rises on sale rumours

Foxtons’ share price got a mini boost on Monday morning after rumours that the agency brand is preparing for a sale.

The London agent’s share price rose by 2.3% during trading and ended the day up 1.92% to 53p, taking its performance so far this year to 13% 

It comes after The Sunday Times reported that Foxtons has recruited adviser Rothschild to find a buyer for the business.

Meanwhile, Foxtons said it has become the first estate agent to completely digitise the home selling process, thanks to the launch of its latest partnership with innovative consumer app Home and Coadjute. 
 
Home consolidates every aspect of the home buying and selling process in one place, and is designed to allow buyers and sellers to track their move every step of the way, alerting them when action is needed on their side, and giving them the ability to tackle their move head on while reducing the time and stress of moving.

Meanwhile, details of the transaction are shared and stored securely using the Coadjute property blockchain platform.

Foxtons has launched its initial roll out of the Home app and Coadjute via its My Foxtons platform to buyers and sellers on an invite only basis, however, it said it plans to eventually expand this offering across the capital.

Guy Gittins, chief executive of Foxtons, said:  “Foxtons has always been at the forefront where the digital disruption of the property industry is concerned and, having already pioneered the full digitisation of the lettings journey, our partnership with Home solidifies us as the leading innovator within the UK property sector.

“We’ve invested heavily in both technology and people in recent years, a strategy which has so far paid dividends. Our latest partnership with Home and Coadjute is simply the next step in the progression of our technology focussed endeavours. 

“With the help of Home and Coadjute, our buyers and sellers will be able to better manage the cost and admin requirements of moving, while also benefiting from the reduced chance of a fall through, helping to alleviate the stress associated with a property transaction. 

“However, perhaps the most important aspect is the support and transparency provided at every step of the home moving journey thanks to advanced blockchain technology, enabling buyers and sellers to immediately, securely and confidently communicate with their agent, conveyancer or broker, all from one place. 

“We already boast a far superior selling timeline at 104 days versus the industry average of 130 days to exchange and we truly believe that, with the Home app and Coadjute via our My Foxtons platform, we can reduce this even further while also reducing fall through rates.”