Member Info for Raleigh

I have never guessed at sales and when commissions will be paid, though I believe that a portion of fees will 'roll over' . I am in the wait and see bracket.
A generalisation "The capital has, unsurprisingly, seen the highest total level of commission earned by agents, with over £246m made from the sale of 27,000 properties so far this year."
https://www.yourmortgage.co.uk/news/estate-agents-have-made-nearly-1bn-commission-in-2020/

Yes. Undoubtedly an amount of revenue will be deferred from one period to another, pending completions and receipt of commissions, and perhaps some sales will be lost altogether due to chain breakdowns, changing circumstances.

https://www.eadt.co.uk/news/499-homes-great-wilsey-park-haverhill-suffolk-approved-1-6867083

Well done on that! I only know they require a much higher listed share price.

In other words, CD and R relies upon a successful turnaround and increase in share price ( and helping that along ) In the same boat as everyone else for the foreseeable.

I take the view that Sigs RNS, as an addition to the holdings notification, is designed to spell out to investors that Sig has agreed to, and cannot, acquire a controlling interest, as defined.
And they are, as stated - "SIG welcomes the increased investment by CD&R in its role as a long-term supportive shareholder and as a continuing endorsement of the Company's new strategy which was announced on 29 May 2020."

Quite so. I am addressing some earlier postings where it was suggested CD and R would happily go to in excess of 30% and make a bid, even buying IKO shares. I put that to rest.
Yes, anybody can make a bid.

And though I may have missed it deep in text somewhere, the relationship agreement restricts CD and R to 29.9%.

I have not the knowledge and experience to advise the board.
But on your comment on BTR investors, this is part of their strategy - "The Group will continue to expand into the high growth institutional build to rent segment."

DEUTSCHE BANK RAISES REDROW PRICE TARGET TO 500 (482) PENCE - 'BUY'
So for them, an improving situation.

It is not all about numbers of property sales here. Foxtons are moving even further into lettings. They say they are the number 1 lettings brand in London. They absorbed the loss of tenant fees, to make their proposition more attractive to landlords - they indicate that has been effective, in an increasingly competitive lettings market, and have no intention of reversing that policy. I believe they aspire to be at the front of consolidation in that particular aspect of the property market. More recurring revenue in a downturn makes sense.
It is not 'over' for Foxtons. There is room for positivity, for lettings boosted by sales. We shall see how it plays out.

Shoring up that portion of revenue which is recurring.

"Our balance of business enables the Group to withstand fluctuations in the property market thereby providing protection from the potentially volatile sales market. During H1 2020 the lettings business has contributed 64% (2019: 62%) of the Group's revenue, which has provided stability in the current volatile trading environment."
They intend to acquire more lettings books.

I ignore their relatively frequent RNSs. Up, down, lending.

https://www.theconstructionindex.co.uk/news/view/vistry-names-southeast-md

https://www.thebusinessdesk.com/eastmidlands/news/2041704-housebuilder-acquires-60-acre-brownfield-site-for-latest-development

That was a conscious business decision, in respect of which they later said, "In lettings, where our focus remains, we delivered another solid performance, despite the impact of the tenant fee ban which came into place in June 2019. The decision not to offset this through increased landlord fees, like some of our competitors, has further improved the attractiveness of our excellent offer and our market share. We continue to build our proposition for the growing institutional PRS segment."

And they followed up by buying London Stone Properties, "a high quality independent estate agent, primarily focussed on lettings in South East London. The acquisition forms part of the Group's stated strategy to acquire high-quality lettings books."

28th. July.

Trading since since re-opening our branches

During the 8 weeks following the re-opening of our branches on 1 June 2020 we have seen steady improvement in activity across key areas of the business:

· Good recovery in lettings applicant numbers, listings and commissions, with lettings commissions over the 4 weeks of June down 12% and over the 4 weeks of July down 3% against the prior year.

· Sales commissions over the 4 weeks of June were down 44% and over the 4 weeks of July were down 32% against the prior year. The sales commission pipeline has strengthened since re-opening and is now broadly in line with last year. Short term future sales activity is further supported by the Government's Stamp Duty relief effective from 8 July 2020.

And there is the letting side of the business. We shall see.

I have no idea where Foxton's stands but one perhaps has to consider commission charges as well as numbers.
'With 27,000 properties sold so far this year, London isn’t home to the most transactions of all regions. However, the higher fees charged means that the capital does top the table for estate agent commission so far this year, with over £246m earned in the city alone.'
https://www.propertyreporter.co.uk/business/estate-agents-cash-in-on-property-market-boom-with-nearly-1bn-in-commission.html