Foxtons throws £10.5m at growing London property market share with two takeovers
Estate agents Foxtons has thrown £10.5m at two takeovers, in a bid to snap up an even larger share of London’s property market.
The London-listed group has bought IMM Properties, which trades under the name Gordon & Co in South London, as well as Stones Residential in North London.
The deals are expected to improve the “resilience” of revenues at Foxtons, which is already London’s largest lettings agent.
“Since 2019, we have acquired six lettings portfolios and grown our tenancies by 40 per cent, which demonstrates good progress against our strategy to generate attractive returns for our shareholders,” CEO Nic Budden said in statement.
“We now serve over 27,500 tenancies, which alongside financial services, deliver resilient and recurring revenues and represent around 70 per cent of our group turnover.”
The deals comes as London’s real estate market grows increasingly tight, with rising house prices pushing millions into higher stamp duty brackets amid a trickling supply of housing stock.