Foxtons’ shares shot up on Friday after it insisted that its customers at the top end of the market are willing to pay for a good service.

This was interpreted as playing down the threat from cheaper online competitors, including Purplebricks which announced its results last week.

Stockbroker Credit Suisse, which has previously advised Foxtons, held a property conference last week.

Prior to Friday, Foxtons’ shares had been trading close to an all-time low of 140p.

They finished the day at 158.5p.

However, Credit Suisse noted that the market for Foxtons in inner London continues to be difficult because of higher Stamp Duty on more expensive houses, and lack of affordability.