OnTheMarket Offers Helping Hand to Under Pressure Foxtons

OnTheMarket has struck an agreement with Foxton's to publish all of the struggling London-focused agents' listings.

Foxtons has 50 branches across London, with every residential sales and letting property going onto OnTheMarket to boost performance.

Jason Tebb, chief executive at OnTheMarket, said:

"We are delighted to welcome Foxtons to OnTheMarket. We have been working hard to enhance our offer, adding products and services to deliver greater value to agents and consumers.

“Being recognised by Foxtons is further proof that our strategy is working and there is more to come as we continue to develop our differentiated, technology-enabled property business."

Foxtons share price has dropped 40% since the start of the year—despite a hot real estate market in London—with some shareholders pushing Foxtons to sell itself off amid investor backlash dating back to mid-2021. This includes 40% of shareholders declining to approve a 379,000 GBP cash bonus to previous CEO Nic Budden, who was replaced by Chesterons veteran Guy Gittens in September.

Since an IPO at 267 pence per share in 2013, Foxton's stock has fallen to by close to 90%, with share prices peaking at 37.4 pence late last week.