EYE NEWSFLASH: Foxtons to have all branches open by June 1st

Foxtons Group plc has issued an update to the City on the evolving impact of the Covid-19 pandemic on the Company:

Approach to Branch Re-opening

Following the recent Government announcement on the re-opening of the housing market, the Company plans to start re-opening its branches over the course of this week, with all branches expected to open by 1 June 2020.

We will be bringing furloughed employees back to work on a gradual basis from the same date.

The safety and well-being of our employees and customers is of paramount importance to the Company.

We have undertaken comprehensive risk assessments at all of our branches as well as our head office in consultation with employee representatives.

Each of our workplaces has now been modified to be in line with recent guidance issued by both the government and Propertymark, the estate agency industry body.

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. T

here 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.

Business Performance

The business has continued to support customers online and over the telephone since the lockdown period began.

Commissions earned in the eight weeks between Monday 23 March 2020 and Friday 15 May were down 44% on the prior year.

Lettings commissions have proven to be more resilient than sales commissions, down 40% and 61%, respectively.

Mortgage broking revenues were down 2%.

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.

It is still too early to predict what the full impact of the Covid-19 pandemic will be on Foxtons’ full year results.

There remains significant uncertainty over how long the London residential sales and lettings market will continue to be impacted by the pandemic.

Nonetheless, the Board is pleased with the resilience that the business has shown given such a disruptive backdrop.

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7 Comments

  1. LondonRealtor

    Thats a lot of people rushing back to the office to sit at desks and check Facebook all day… cos thats all I see happening when I walk past estate agents windows in London at the present time. Lol

     

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    1. Bless You

      Not sure how u can see their screens  ,  but I agree.

      Only reason gov’t opening everything up is to get out of furloughing.

      No one wants to go back to work or move house.

      #mortgageholiday

      #furloughed

      #waitAndSee

       

       

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  2. purplepatchy

    We opened the day after we were told. Listed 22 properties for sale, agreed 12 lets, 6 sales and had 6 completions.
    Noone is displaying any symptoms of Covid and we’re safer in our locked office than when we have to go to the supermarket for lunch.
    You can keep safe without sacrificing your business on the altar of lockdown / coronavirus.

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    1. tinytimy88

      completely agree. We opened up with 2 members of staff, sufficient PPE and send our social distancing guidelines to every client before viewings, and vendors when they market. We have seen fantastic activity and real appetite to buy. The majority of customers have been conscientious and understanding that they can’t touch things, only have 15 minutes to view etc. There are several agents not open in our town and it amazes me the business they will be losing, and frustration of their vendors who want or need to sell quickly

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  3. Joseph60

    I am just a bit alarmed at the reported number of agents doing appointments with no PPE!

    Surely safety should be top of the agenda, for staff and customers.

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    1. surrey1

      Got a ton of PPE. Nobody has been the remote bit interested in us using it or them using it.

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  4. haveathink

    Due to new investment via new shares they now have more cash than they did pre-pandemic

    Crazy but they are now better placed than they would have been financially in their normal trading conditions

    The decision not to open until 1 June was all do with kicking furlough monies to the max.

     

     

     

     

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