Foxtons hits out at Renters’ Rights Act as profit halves Property Foxtons’ profit slipped as the London estate agency hits out at the Renters’ Rights Act, blaming the new tenant powers for causing a surge in renters cancelling their tenancies. The London-listed firm said the new law meant a higher number of tenants cancelled their rental agreements in May and June, meaning the estate agency lost [...]
Top-end priced UK properties may take four times longer to leave market Property Property sellers in Britain asking for too high a price who have to reduce it to make a sale take four times as long to sell than those listing an accurate initial asking price. According to new research from estate agent Savills, 33 per cent of sales required the asking price to be slashed to [...]
Foxtons shares tumble as estate agent takes £3m knock from Renters’ Rights Act Property Foxtons shares have tumbled after the firm said it took a knock of as much as £3m from the introduction of the Renters’ Rights Act, amid a sharp uptick in tenancy terminations. The Act abolished fixed tenancy terms and increased tenant flexibility to terminate tenancies, sparking “elevated levels of tenancy terminations.” Foxtons, which also bemoaned [...]
Real estate firms going bust at record rate as property market slumps June 10, 2026 Real estate companies are going bust at the fastest rate seen in a decade, Morning Wire can reveal, in a further sign that the UK’s property market is taking a battering. As many as 762 real estate-related businesses have become insolvent in the UK since the start of the year, a Morning Wire analysis of [...]
Why are London’s house sellers losing money? January 17, 2026 London’s housing market is known for offering vast mansions and leafy avenues to wealthy buyers from across the world. So why are more sellers in the capital suffering losses than anywhere in the country? It is London’s most affluent and sought-after locations where the profitability of home-selling is taking the biggest hit, with Chelsea and [...]
Huge losses revealed at Purplebricks after takeover September 25, 2025 Online estate agency Purplebricks racked up huge losses in the year it was taken over by Strike, it has been revealed. New accounts filed nine months after the Companies House deadline show the firm’s pre-tax losses went from £19.4m to £37.8m in the year to 31 March 2024. Over the same period, its turnover rose [...]
Dexters: High rents boost profit of London’s largest private estate agent April 22, 2025 Independent estate agent Dexters has reported a double-digit profit boost due to growth in its letting arm. Revenue rose 23 per cent rise to £222m in 2024, from £181m in 2023, with underlying operating profit up 17 per cent to £47.2m, from £40.4m in the prior year. Dexters, which is London’s largest estate agency with [...]
Purplebricks boss who rescued online estate agency for £1 to step down November 7, 2024 The chief executive of Purplebricks is to step down as the online estate agency undergoes a major restructure. Sam Mitchell has been the CEO of Strike since January 2018 and took over the same role at Purplebricks in June 2023 after the company was acquired for just £1 after falling into financial difficulties. Mitchell has [...]
Foxtons acquires commuter town estate agents in expansion drive October 29, 2024 Estate agents Foxtons has acquired two smaller companies in commuter towns as it looks to expand its presence in the lettings market. Haslams, in Reading, and Imagine, in Watford, will be bought by Foxtons for £7.6m and £5m respectively. The acquisitions will increase Foxtons’ footprint to 64 branches, as well as delivering an extra 2,900 [...]
LSL: Mortgage and valuation giant bounces back on restructure and activity picking up September 18, 2024 LSL Property Services, one of the largest providers of mortgage and valuation services, has reported significantly improved results due a company restructuring and improved sentiment in the housing market. Revenue rose by 18 per cent year on year, from £72.5m to £85.4m, while underlying profit rose by 354 per cent year on year, from £3.2m [...]