As Foxtons closes six London branches, the signal has been sent that locals no longer want nameless, faceless corporate agencies to represent their properties. BBC property expert Henry Pryor said of Foxtons, “A branded Mini now looks so last year. Successful selling requires more than a driving license and a shiny suit.”Foxtons announced the closure of its Barnes, Park Lane, Beckenham, Enfield, Loughton and Ruislip offices. At the time of its first-half results in July, Foxtons revealed it had swung to a loss of £2.5m compared with a £3.8m profit in the first half of 2017. The slowdown represents a sharp reversal in fortunes for Foxtons, which made its stock market debut in 2013. By 2014, a time of bumper profits and shareholder payouts, shares hit a high of 374p. The shares are now worth less than 50p.Jeremy Leaf, former RICS residential chairman, said Foxtons closing down branches is “symptomatic of what is happening in the wider market” with corporate agencies. Three of the top five estate agencies in Chiswick for sales agreed are locally owned, independent businesses. Paul Cooney of Horton and Garton says, “At Horton and Garton, we’re honoured to be in the top five agencies in Chiswick and in such good company. Long live local businesses! Our two independent offices agreed more sales in 2017 across the W4, W6 and W12 postcodes than any other agency. Genuine local knowledge, experience and longevity in your area makes up a large part of what it takes to achieve such success for your clients.” Horton and Garton’s flagship Hammersmith and Shepherds Bush branch, based in King Street, has long retained the crown for most sales and lets agreed in W6 according to Rightmove statistics. Owner and Director John Horton says, “With over a century of combined experience in West London property and ten years serving local sellers and landlords, we’re proud to offer an unparalleled, award-winning service to our clients. Running a successful independent business in the current economic climate presents many challenges; we are endlessly appreciative of our clients’ ongoing support and their honest, unvarnished testimonials.”
Foxtons announced the closure of its Barnes, Park Lane, Beckenham, Enfield, Loughton and Ruislip offices. At the time of its first-half results in July, Foxtons revealed it had swung to a loss of £2.5m compared with a £3.8m profit in the first half of 2017. The slowdown represents a sharp reversal in fortunes for Foxtons, which made its stock market debut in 2013. By 2014, a time of bumper profits and shareholder payouts, shares hit a high of 374p. The shares are now worth less than 50p.Jeremy Leaf, former RICS residential chairman, said Foxtons closing down branches is “symptomatic of what is happening in the wider market” with corporate agencies. Three of the top five estate agencies in Chiswick for sales agreed are locally owned, independent businesses. Paul Cooney of Horton and Garton says, “At Horton and Garton, we’re honoured to be in the top five agencies in Chiswick and in such good company. Long live local businesses! Our two independent offices agreed more sales in 2017 across the W4, W6 and W12 postcodes than any other agency. Genuine local knowledge, experience and longevity in your area makes up a large part of what it takes to achieve such success for your clients.” Horton and Garton’s flagship Hammersmith and Shepherds Bush branch, based in King Street, has long retained the crown for most sales and lets agreed in W6 according to Rightmove statistics. Owner and Director John Horton says, “With over a century of combined experience in West London property and ten years serving local sellers and landlords, we’re proud to offer an unparalleled, award-winning service to our clients. Running a successful independent business in the current economic climate presents many challenges; we are endlessly appreciative of our clients’ ongoing support and their honest, unvarnished testimonials.”