Foxtons to reopen all branches by 1 June as commissions slide

Estate agent Foxtons said on Tuesday that it expects to have all of its branches open by 1 June, as it reported a large drop in commissions since the start of the coronavirus lockdown in March.

Commissions earned in the eight weeks from 23 March to 15 May slid 44% on the prior year. Sales commissions were down 61% over the period, while lettings commissions were a little more resilient, down 40%. Mortgage broking revenues declined 2%.

The company said it had net cash of £37m at the end of April.

"It is still too early to predict what the full impact of the Covid-19 pandemic will be on Foxtons' full year results," it said. "There remains significant uncertainty over how long the London residential sales and lettings market will continue to be impacted by the pandemic. Nonetheless, the board is pleased with the resilience that the business has shown given such a disruptive backdrop."

Foxtons plans to begin reopening its branches over the course of this week, with all branches open by 1 June. Physical viewings and valuations will also resume "under tightly controlled conditions with social distancing in place", it said.

Customers will be encouraged to view properties virtually in the first instance, and for any physical viewings to meet directly at the property. There will be a restriction on the number of people attending viewings with participants only able to attend if they confirm in advance they are not infected or displaying symptoms of Covid-19.

Foxtons said its agents will be using appropriate PPE, including hand sanitiser, face coverings and gloves when visiting properties.