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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/
Absolutely, not gone unnoticed sain.
Leaving the lower hanging fruit until March, seemingly.
What a mess we're in, and what a desperate bunch they are ...
SFA for the housing market yesterday
Oops, silly me I meant the 'Autumn Statement' of course !
So, what rabbits will Hunt pull from his magicians hat tomorrow when he stands at the despatch box with so many to choose from.
Here's just a selection of possibilities that will help ignite a bit more activity in the property sector with some already being mentioned and all of which will tick even more boxes for Foxtons :-
1. Further cuts to Stamp Duty with limits up to £500,000
2. Extension and favourable terms to the Help to Buy Scheme - i.e. 1st charge Loans for those that can't afford deposits
3. Improved terms for those in Mortgage Arrears - We know about the repayment to interest only mortgages
4. Improved terms for those buying NEW homes- This will help out the struggling house building industry as well
For companies we could see a reduction in Business Rates, extra tax incentives for Capital and Asset spending as well as for employment of staff, again all the right noises for Foxtons.
And as I have explained on here many times before, the government wants to move rental property ownership away from private landlords and into the public purse, so expect a bid wallop to private landlords who have or are contemplating moving their rental properties into the ownership of a Limited Company for tax benefits !!
As I said before the budget in March when Foxtons were trading at 41.5p no less, the company is perfectly positioned as we move into the new era of property ownership.
Onwards and upwards team !!
It interesting ref the turnaround comment for Foxtons. I see it that lettings in every single company has risen dramatically. as a result the cost of buying lettings books has also risen .they are not free so whilst revenues increase its a huge short term costs. sales are down in the dumps-20% ??)but rather that control costs here spend lots of money on new cars/more staff.id wait until i see the real comparative P and ls before I congratulate anyone. Foxtons are a lettings company-what happened to the roll out across the commuter belt that everyone at the time thought was a great idea?
Bricks Newco Wind up meeting for former Purplebricks shareholders 20th December
https://bricksnewco.co.uk
Final payment just 0.66 per share
£220k liquidation costs
Investors who bought in at the death for 0.4p would have made a killing LOL
I guess as 58s suggests * it wasn't worthy of a response . The market has been against them for the last 14 months which has been reflectedin the sp Same rules apply elsewhere .
No estate agency puts it's own sale sign up unless it's in distress otherwise potential vendors and lanflords might vote with their feet
Anyone intersted in Foxtons will soon make themsleves known . Its going to be a long way north of e 80p +to even get a glimmer of interest from any of the major sharagholders
This certainly one to sweat out and maybe a few duck and ives along the way bit who wants to risk losing a position?
Must say its long overdue , mortgage rates looking a lot better too. London seems busy as ever . Autumn statement may add further sparkle Lets see
5eight/sain i respect your knowledge and posts. Can i asked your opinion that given the news on this why the board have not responded to the story either way. The city article said that Foxtons declined to comment. Thanks (i'm a long term holder)
Keep them coming 58s A breath of fresh air here
Oh yes it is, oh not it isn't, well it must be if the stock is being marked up on that load of nonsense in the Sunday press and in the rag mag of City AM !!
This 'hedge fund' Milkwood Capital is just some bloke who used to work at Citibank many years back and started trading for himself after leaving the bank .
It ended up with him having a load of debts after an unsuccessful time of it and he filed a 'Compulsory Strike-off notice (DISS40)' at the back end of last year after accumulating losses of around £300,000.
He has had the notice suspended and then discontinued whilst the creditors chase their money.
I also searched high and low yesterday and made a few phone calls, no-one has ever even heard of this bloke and as for that 4% holding in Foxtons, well his last set of 'full' accounts on September 30th 2023 shows that has just £300,000 in assets (debt) and no mention of his alleged 4% of Foxtons which valued at its historically low of 28p would equate to 12,000,000 share at a consideration of £3,360,000.
I can't find any mention of this holding.
A complete waste of our time, expect the stock to drift back a bit lower tomorrow ahead of the Autumn Statement.
Here's the company house link if anyone is bored enough to take a look :-
https://find-and-update.company-information.service.gov.uk/company/08626819
It seems the close only dealing situation on Foxt has been lifted. IG Markets now allow buys and sells.
You're probably right ...
Converium also recently upped their stake, so to be making such comments is a bit rich.
The other thing all this does, however, is create further 'noise' around the business which is no bad thing, not least when the current regime are receiving plaudits, unlike the last time this reared it's head.
I am quite suspicious of this type of PR huffing and puffing from fund managers.
If they were strong enough or had enough leverage themselves they could put Foxton's in play. The PR release simply tells me they cant find a buyer and are basically stuck like us PI's, knowing there is value in there but frustrated they cant get it out.
Https://uk.finance.yahoo.com/news/foxtons-under-pressure-shareholders-sell-184431953.html
Could be interesting :-
https://thenegotiator.co.uk/foxtons-reveals-branch-makeover-with-digital-appeal/
'Housing market downturn pushes UK estate agents to consolidate'
Its nothing new which has already been commented on here previously but worth a read nevertheless. Its on the paid access platform but you can read the link once or print the article it to file.
https://www.ft.com/content/3b165342-e418-4426-8863-67000f6de965
Simon Agace That's Winkies of course
A good fit for Foxtons as an instant reach into the regions with plenty of gaps to be filled in between
Perhaps expand the idea that Winkies have adopted in Tooting and Crystal Plaace of a "hybrid franchise" where the company and the franchisee share equity
Keeps the best performing staff fully vested
Its certainly working out well for Winkies
Foxtons would have certainly had their eye on FSH Smart Move by Dexters
Looks like its the place to be for a bit of M&A
All eyes wil be on Simon Agace whose 81st birthday was this month Holding 41.25% Just a question of time when that comes into play
And another :-
https://propertyindustryeye.com/leaders-romans-group-agrees-major-deal-to-buy-31-branch-estate-agency-giant/
Gone quiet over the last two weeks or so, think again Dexters aren't hanging around that's for sure :-
https://propertyindustryeye.com/eye-exclusive-dexters-set-to-acquire-major-london-rival/
Lets hope so , but today's US CPI really ignited US equities even real estate.
Some lively action in the last hour, over 40 trades executed after just a handful again this morning .
Good to see that the US boys are up to their games again, should be a fun afternoon all !!!!
Well as rates are decreasing a lot on the back of the CPI data in the US , the UK ones down too today 5y at 4.223. That usually correlates well with Foxtons. Rates down Foxtons up . I don't really see a slowdown for Foxtons so keep on holding my position here .
Quelle surprise, another US institution topping up !
#matesrates