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Well okay, a few days early but good to see more positive press again today about the Housing market recovery in 2024. Its in nearly every rag this week and expect more bullish tones as the market commentators look ahead to next year.
So many positives for Foxtons as I have said all year and January come can't quick enough !!
Keep long & strong and let the market sweat the small stuff !!
The number of properties sold on Foxtons website (752) is the highest since September 2021
Heading back to 40p methinks, no momentum.
That sounds like good news to me.
For interest rates, I suspect they will come down. Fed is mulling 3 x 0.25% interest rate drops in 2024 (that comes 2 weeks after them saying they are not considering the question of dropping interest rates). I suspect UK will do the same.
After reading my posts this afternoon Mr Gittins has kindly updated his insta account in order for me to post on here a video of the 2023 Foxtons Christmas party :-
https://www.instagram.com/property_guy_gittins/
Here was my post a few days back :-
'Ditto that, 2024 could be another record year for Foxtons as interest rates 'normalise' ahead of a UK General election and rents stabilise.
Remember Gittins down played both the interims in the Summer and the last quarter trading statement where records were being broken left, right and centre !!
Will he finally come clean about Foxtons come 2024 and tell everyone exactly how well the company is performing ???
Well, now take a look a this on his linkedin page and how all the staff at Foxtons 'down played' 2023 :-
'Tonight’s the night… The legendary Foxtons Christmas party!'
'Over 1300 people have worked tirelessly all year, to make sure we’ve delivered for our clients and each other.
Time to celebrate one of the most amazing years in recent history, with lots of records, broken along along the way!' 💥💥💥💥🚀
https://www.linkedin.com/posts/guygittins_tonights-the-night-the-legendary-foxtons-activity-7139042116952846337-r30G
Expect rates to stay unchanged and that numpty to announce possibly an easing of interest rate policy come next year (general election year).
Basically he just needs to copy and paste what the FED said last night, just like that 'transitory' nonsense speech a couple of years back.
All good for Estate Agents and house builders though come next year !
As I have said on here numerous times, Foxtons are poised to clean up in EVERY area of their business !!!
Long & strong !!
I'm getting over excited. Thought we might get over 46 today
I guess there could be all sorts of reasons for not shouting too loudly, but maybe one of them is the fear of a tax raid by Hunt. I hope we get a good run up from here. I'm hoping that we see the price rise to the 58 area or above.
Ditto that, 2024 could be another record year for Foxtons as interest rates 'normalise' ahead of a UK General election and rents stabilise.
Remember Gittins down played both the interims in the Summer and the last quarter trading statement where records were being broken left, right and centre !!
Will he finally come clean about Foxtons come 2024 and tell everyone exactly how well the company is performing ???
It looks to be pushing up the SP again at the moment 58, looks good. Slow and steady. It's currently breaking up through previous highs
And throw in an agency cross trade of 583,000 shares at 44.625 (mid price) at 15:27pm yesterday afternoon.
I mentioned on 30/10/23 about the volume in Foxtons shares pre 08.00am that morning, the volume some 42.6m shares traded ahead of the opening.
Well, I have kept a record of the pre-opening of Foxtons shares since Sept just in case of any huge volumes being reported outside of the normal trading reporting requirements and here's my findings so far :-
11/09 - 308,000
12/09 - 501,000
14/09 - 1,100,000
18/09 - 640,000
20/09 - 370,000
21/09 - 391,000
22/09 - 3,157,000 (I posted about this volume on the same morning)
30/10 - 14,782,440 (I posted about this amount as well)
31/10 - 5,800,000
14/11 - 42.6m (I also posted on the same day)
17/11 - 1.2m
29/11 - 650,000
08/12 - 560,000
and this morning around 1.5m shares were traded pre 08.00am
As I mentioned on here before where all this volume is being executed is outside of our resources but the total so far is around 25% of the company being traded on a 'stealth' basis !!
Someone out there is slowly building a nice stake in Foxtons for peanuts courtesy of the MM's and their collaboration in keeping the stock at low prices all year !
You are always going to lose the star players because Foxtons are unable to offer them any equity in the business
The best aren't going to be satisfied being salarymen and answereble to a set of BODS
They don't seem to have got around to offering share options to keep people vested
Interesting, he was there through the bad times and the more recent improvements. The market has not yet disaproved of his promotion.
No idea Stupmy but they've lost a big cheese today :-
https://thenegotiator.co.uk/luxury-london-agency-swoops-again-and-poaches-foxtons-highflyer/
More interest this afternoon from buyers. Something happening?
That would be nice!
Cluttons very much a mini Savills but less residetiallyy orientated. Old school very professional wth a wealth of imstitutional clienst Were one of the first highend agencies to set up offices abroad
Yet they are highly geared to commercial Current London residential stock for sale is just 106 Unlikely to be rolling out a branch network to take on Foxtons
I wonder if 2024 will be the year when one ofthe hustlers tables a bid of 90p for Foxtons ?
Following on from yesterday, Cluttons residential have announced a management buyout of the company this morning :-
https://propertyindustryeye.com/partners-complete-management-buyout-at-258-year-old-estate-agency/
We've seen all the latest merger and acquisitions in the last month or so and expect the activity in the sector to move forward a gear or two as we move into 2024.
I mentioned the collaborations between house builders and estate agents some weeks back after Dexters spending spree and it appears that Foxtons and Berkeley Homes are ramping things up a notch as well.
Take a look at the nice office and promo in Camden (get that salesperson to sort out his trousers !!)
https://www.linkedin.com/company/foxtons
Missed this tbh-6 months 2023 Connells Group. Chairman and CEO now gone .
the group incurred a net loss before tax of £(5.8)m (June 2022: £28.9m profit). Earnings before
interest, tax, depreciation and amortisation (EBITDA)
7, a common measure of estate agency performance,
was £16.4m compared with £63.1m for the same period in 2022;
Shows the challenges of the market ?"nd 6 months better or worse ?
Nice, some lumpy buys going through this afternoon and the stock has just hit a year's high.
😀
Not sure what's happening, but it's posutive for the SP, just jumped up to 45p. Fingers crossed there's more to come.
Agree with all the comments this morning, I'll just copy and paste my post in April next year or whenever the 2024 Budget is scheduled providing Foxtons are still around that is !!
But there was some salient news for the property sector behind the headline grabbers, here's an extract from property eye this morning :-
The Mortgage guarantee scheme :-
The mortgage guarantee scheme has been extended by 18 months to June 2025 from December 2023.
Launched in April 2021, the scheme offers lenders the financial guarantees they need to cover the other 95% of the mortgage on a house worth up to £600,000.
The scheme was due to close to new accounts on 31 December 2023. Chancellor Hunt announced its extension, alongside expanding the affordable homes guarantee scheme.
Additional announcements: -
+ Introduce premium planning services across England with guaranteed accelerated decision dates for major applications and fee refunds wherever these are not met
+ Commit £110m available through the Local Nutrient Mitigation Fund to support LPAs in delivering high-quality local nutrient offsetting schemes, unlocking up to 40,000 homes over the next five years
+ Invest an additional £32m across housing and planning to unlock thousands of homes across the country
+ Extend the existing Affordable Homes Guarantee Scheme by £3bn to help it deliver 20,000 new homes, in addition to improving the quality and efficiency of thousands more
+ Provide £3m for a range of measures to improve the homebuying and selling process
And the article in full :-
https://propertyindustryeye.com/property-industry-reaction-to-autumn-statement/