Foxtons is closing offices in affluent locations as it battles against market conditions.
Four branches – in Barnet, Muswell Hill, Surbiton and Richmond – have all shut. While about 26 jobs are affected, it is understood that most staff have been relocated, with some four redundancies.
The closures, all in wealthy sites with strong local economies and commuter links, come just over a year after Foxtons closed its flagship branch in Park Lane.
A spokesperson for the agent said yesterday: “Foxtons continually reviews its cost base to ensure it reflects market conditions. Continued market deterioration and individual branch performance meant it was no longer viable to operate our offices in Barnet, Muswell Hill, Richmond and Surbiton.
“After consultation with all team members concerned, we decided to close these offices as of Monday, December 2, and are now in the process of relocating the majority of affected staff to other nearby branches.
“Our footprint across London means customers in these areas are well served by other nearby Foxtons branches and our business continues to grow market share in both sales and lettings, despite ongoing market weakness.”
Foxtons, emblematic of the London market and a symbol of the estate agency industry, has posted two sets of losses this year.
In February it posted a pre-tax loss of £17.2m for last year – down from a profit of £6.5m in 2017 – and in July it posted a £3.2m loss for the first six months of this year, citing the prolonged downturn in the London sales market and political uncertainty.
Coincidentally, Foxtons shares reached a high yesterday of 85.8p. They had not been this high since January 2018, when the price reached 84p.
Although after the sharp rise the shares subsequently subsided to 80p, they still ended with a 3% rise on the day.
There were suggestions that the rise was prompted by speculation that Foxtons would benefit if the Conservatives win the election.
The business still has some 60 branches across London and the home counties, according to its website.
Below: workmen yesterday pictured shuttering the Foxtons branch in Richmond and removing the branding