Foxtons has confirmed that it is reviewing strategic options for mortgage broking business Alexander Hall Associates, which could include the possible sale of the division.
In a statement to the market this morning, the London-based estate agent said that it is looking at its options in relation to its mortgage broking business
“Further to recent press speculation, Foxtons confirms that it is reviewing strategic options for Alexander Hall Associates Limited (“Alexander Hall”), its mortgage broking business, which could include the potential sale of the business.
“A further announcement will be made if and when appropriate.”
Back in April, Foxtons said mortgage broker revenue had increased by 20% to £2.3m in Q1 2021 from £1.9m a year earlier, driven by new purchase activity.
For all of 2020, mortgage broking revenue was £8.1m, down 4.7% from £8.5m in 2019.
Foxtons share price has fallen from around 74p in January to around 46p now and earlier this month it announced that its chairman is standing down.