Foxtons network is now 67 despite London slowdown

Foxtons says its branch network is about to hit a record high of 67 despite the downturn in central parts of the capital.

New branches in Wembley and Wood Green, being opened on February 11 and 25 respectively, is in line with what the firm calls its “organic growth strategy that aims to continue strategic expansion of its network of branches throughout London and the Home Counties.”

This is despite figures a month ago revealing that in the final quarter of last year its revenues were only £26m – down a quarter on the same period of 2015 – while for 2016 as a whole revenues were down to £133m – 11 per cent less than the year before.

However, a statement on the new office openings put increased emphasis on reviews.

“Last year saw us proving our commitment to customer service by achieving an average rating of 4.6 out of 5 across all of our branches on Google reviews and the highest rating of 5 stars on Trustpilot” says Andrew Weir, Foxtons sales managing director.

Foxtons chief executive Nic Budden warned shareholders a month ago that he expected trading conditions to remain “challenging” in 2017 with transaction levels expected to be lower than those of 2016.

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