Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
Yep, this time its Rightmove's turn, good for the sector and thus more good news for Foxtons :-
'Record Boxing Day ‘bounce’ for agents claims Rightmove......
Demand also soars with the number of buyers contacting estate agents jumping by 273% between the Christmas Day lull and Boxing Day. '
And the article in full :-
https://thenegotiator.co.uk/boxing-day-sees-record-number-of-sellers-come-to-market-on-rightmove/
The stock was heavily shorted so expect a bounce there and fingers crossed Foxtons can continue from where it left off yesterday, either way its going to be another fun packed day !!!
#Long & Strong
All the signs are there lets see what the delayed prints are like after hours !
:)
Finally, finally our man Mr. Gittins has admitted how well Foxtons are doing courtesy of this post this morning and hence the rise in the stock ............ :-
'WOW! 2023... what a year and there is so much more on the horizon for 2024!'
I am bursting with pride as I reflect on the remarkable achievements of our incredible team in 2023. It will be etched in our history as one of the most phenomenal ever at Foxtons a testament to the unwavering commitment and hard work of every individual who is a part of the Foxtons family.
Last year was all about rebuilding our position in the industry and I can proudly say we reclaimed our position as London’s number one sales and lettings agency brand. This achievement was a direct result of the dedication and relentless efforts poured in by each person at Foxtons.
Not only this, but we acquired two brilliant agencies, Atkinson McLeod and ludlowthompson meaning team Foxtons is growing to be bigger and better than ever before.
2023 was our best revenue year in almost a decade! Sales made a significant leap forward in market share and our Lettings and Property Management achieved record-breaking revenue. Not forgetting Alexander Hall who finished a fantastic year with the foundation laid for substantial growth this year.
Our achievements were not limited to business alone – we celebrated success on three amazing superstar trips to Courmayeur, Marbella, and Bruges. At our monthly car ceremonies, a record number of new cars were given out to reward the outstanding contributions of our team. We also created the first truly end-to-end digital lettings solution in the UK.
It's clear that Foxtons is poised for even greater success in 2024. We have kick-started the year with our brilliant new campaign, Grab January by the Foxtons. With the team's proven track record of helping people sell their homes faster than the average estate agent, if you're looking to buy, sell or let a property, why not Grab January by the Foxtons and our amazing team of sales and lettings experts will guide you towards your perfect home.
Thank you for all your efforts in 2023 team Foxtons. We have so much more to achieve in 2024.'
And the link :-
https://www.linkedin.com/posts/guygittins_wegetitdone-activity-7148014046477291522-f5vJ?trk=public_profile
Nice !
Nice move this morning, let's see if it sticks.
Yes, there's more :-
Figures reveal UK's fastest growing lettings agency as 2024 starts........
'Foxtons claims it’s reached new heights under its latest management team.'
'The agency has been described as the is fastest growing UK lettings player as well as the fastest growing UK sales estate agent.
Industry consultancy TwentyCi has analysed the market for the first 11.5 months of 2023 before comparing this to the same period of 2022.
It found Foxtons enjoyed a.36 per cent increase in market share across the UK lettings sector in 2023 and across the UK sales market, Foxtons saw 28 per cent growth.
Both figures were well ahead of the next placed agency - Connells.'
And the article in full, ignore the last two paragraphs as that numpty and the Sunday times/city Am rag story gets another mention (Yawn !) :-
https://www.lettingagenttoday.co.uk/breaking-news/2023/12/figures-reveal-uks-fastest-growing-lettings-agency-as-2024-starts
Firstly a quick reminder of the final results from Foxtons in March 2022 published last year :-
2022 v 2021
Revenue £140.3m v £126.5m +11%
Adjusted operating profit(2) £13.9m v £8.9m +56%
Profit before tax £11.9m v £5.6m +115%
Adjusted earnings per share (basic)(3) 3.1p v 1.9p +63%
Earnings/(loss) per share (basic) 3.0p (0.4p)
Net free cash flow(5) £7.7m v £6.6m +17%
Total dividend per share 0.90p v 0.45p +100%
Foxtons absolutely smashed it in 2022 and despite me banging on how well the company had been doing up to and including Q3 in 2023, we got this gem in the Q3 interim statement back in October :-
' Consensus expectations for Foxtons Group plc, being the average of forecasts for the year ending 31 December 2023 provided by analysts covering the Group, is revenue of £141.5m and adjusted operating profit of £11.8m (adjusted operating profit includes the amortisation of acquired intangibles).'
Brilliant stuff eh, I wonder how much bung these lot received for keeping a lid on things ??
I also mentioned that Foxtons were breaking records in every area of the business with the exception of their sales division and now it appears that during the last quarter of 2023 the sales division of the business together with the rest of the company has had its best ever quarter in its history !
Whilst there was no deliberate mention of records being broken in either the Foxtons interim statement in the Summer and its Q3 statement, Mr. Gittins has now finally shouted from the rooftops as well at the Foxtons Christmas party that Foxtons are breaking records left right and centre and they have now become the UK's No.1 lettings and sales estate agency.
And just think, 2024 is set to be an even bigger year yet for the company !
Happy year new year all !
Well the year started off with a whole load of mini coopers and a handful of 'super' cars being awarded and the year is ending with another load of super cars being awarded to Foxtons' staff.
In the words of CEO Guy Gittins (He missed the 's' in Porsche) :-
'As we approach the end of 2023, I'm delighted to share another video of our target car ceremonies (the final two of 2023) as this demonstrates how relentlessly focused we have been on securing the right deals for our clients and customers.
From graduating out of our iconic Foxtons branded MINI Cooper to achieving the epitome of luxury in our Supercar category, every target car achievement truly embodies what has propelled us to be London’s number 1 estate agency brand.
While this is an incredibly special day for everyone, I was particularly pleased to hand Gareth Atkins the keys to his Porche Supercar as it was confirmed that we are the UK's largest lettings agent by volume. What a milestone!
Congratulations everyone who has attended a target car ceremony in 2023, it has been an incredible year, and I can't wait to see even more of you pick up your keys in 2024.'
https://www.linkedin.com/posts/guygittins_foxtons-wegetitdone-activity-7143274351038009344-6Wyg
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 !!
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 !!
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 ???
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 !
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
Nice, some lumpy buys going through this afternoon and the stock has just hit a year's high.
😀
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/
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 !!
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