OnTheMarket Offers Helping Hand to Under Pressure Foxtons

July 18, 2022
Share this Post: 

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.

July 18, 2022
Harvey is an experienced property journalist and copywriter. He has written about the property industry since 2015, starting at The Property Franchise Group in the UK, before moving to Spain to work for Spotahome. He has blogged for the private rented sector, ghostwritten for UK property experts and written case studies for franchise owners around the UK. Harvey joined Online Marketplaces as a News Editor in 2022.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 2254292725
Ten Questions With Lewis Scott, Co-Founder and CEO at Homely

The real money for real estate marketplaces is in sales but there is a growing awareness that purchasing a home...

Read More
Kyero Boardroom
Kyero Adds Currency Exchange Affiliate Programme to its Offering

Kyero, the largest UK-based international property portal, has added a currency exchange affiliate programme that will facilitate international property purchases...

Read More
Adevinta Q1 2021
Adevinta Shareholders Criticized for Supporting Proposed $4.2 Billion Takeover Bid

Two Adevinta shareholders have criticised other shareholders—specifically Schibsted and eBay—for their apparent willingness to accept a takeover bid by a...

Read More
Zoopla New Build
Zoopla Posts £6.2 Million Loss in 2022 Despite 19% Revenue Increase

The British property portal Zoopla saw losses narrow from £17.8 million during the 2021 calendar year to £6.2 million in...

Read More

Editor's Pick