Founded in 1981, Foxtons started life as a two-person agency in Notting Hill. Over the years we are proud to have become London's leading estate agent.


Estate agency Foxtons Group has announced the successful pricing of its IPO of 169.4m shares of one pence each. The price has been set at 230p per share.

Based on the Offer Price, the market capitalisation of the Company will be approximately £649m on admission.

The Offer is expected to raise gross proceeds of approximately £390m, comprising a primary component of £55m and secondary sales of £335m. Secondary sales will consist of a partial sell-down by Adnams BBPM Holdings Limited (an entity controlled indirectly by funds advised by BC Partners), executive directors of the Company and certain other employees of the Group.

Conditional dealings will commence on the London Stock Exchange at 8.00 a.m. today under the ticker FOXT.

Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings in the Shares ("Admission") are expected to take place at 8.00 a.m. on 25 September 2013. At Admission the Company will have 282,176,468 Shares in issue.

http://www.foxtons.co.uk/

I have, 10% in a month. yes

From sky news - London house prices are said to have soared to a new high this month, beating their previous record by nearly £30,000 and fuelling fears that the capital is overheating.

Property website Rightmove said asking prices in the capital saw an "unsustainable" 10% month-on-month increase in October, pushing typical asking prices to £544,232, leapfrogging a previous high set in July by more than £28,000.

in that case i'll have to look again, but it is totally impossible for prices to jump 10% in a single month - think about it; that would be 0.3% every single day of the month

Overheating ?

go to Nationwide House Price Index ...... liked wot i sed - london prices up 10% in a YEAR!

Right move - It put much of the increase down to a "frenzy" of activity in parts of prime inner London as overseas investors look for a safe haven to place their cash amid the troubles of the eurozone, which is "leaving the shelves bare".



Westminster was named as London's strongest-performing house price area in October. Prices there have soared by 11.9% month-on-month to reach £1.6m typically.


Clearly states over a month below from Sky =


Kensington, Chelsea, Hammersmith and Fulham also recorded increases of 11.8% in sellers' asking prices over the month.

Will they get their asking prices ?

i'll say no more, but you are absolutely mis-reading!!!

'go to Nationwide House Price Index' ...... I see 10% in Q3, the sky headline is not clear.

read it properly for goodness sake and see the attaching bar chart further down the left-hand side .... i would have c+p'ed for your very simple brain, but it wouldn't let me

Chill out for goodness sakes -

Read what I have put in post 28 Am I not agreeing with you? Sounds like another stressful day at work? I have agreed with you and also stating the sky write up is poor.


Eg of a poor write up from Sky - Kensington, Chelsea, Hammersmith and Fulham also recorded increases of 11.8% in sellers' asking prices over the month.

ok - i'm a muppet then :-)

I knew that already. (Joke) lol

Is Help to Buy a heaven-sent lifeline for those who can't tap the Bank of Mum and Dad - or a costly trap?

By Ruth Sunderland

PUBLISHED: 01:02, 23 October 2013 | UPDATED: 11:11, 23 October 2013




House moves: Help to Buy

Is George Osborne’s Help to Buy a heaven-sent lifeline for young adults, unable to get on with their lives because they cannot raise a deposit on a home of their own?


Or should the Chancellor’s big idea really be named Help to Buy Votes, as its critics believe?


To its detractors, the scheme is a foolish attempt by the Government to put a gloss on the economy ahead of the election, by luring people into loading up with debt in a housing market that is already showing signs of running amok.


The initiative allows borrowers to buy a home of up to £600,000 with a deposit of just 5 per cent, instead of the prohibitive 20 per cent down payment demanded by the High Street lenders.


A government guarantee will cover the remaining 15 per cent, meaning taxpayers could be faced with a multi-billion pound bill if borrowers who use the scheme fall into difficulty.


A key worry is that Help to Buy could come back to haunt the hopeful band of new homebuyers who use it – as well as taxpayers who are backing it.


Marion Bell, a former member of the Bank’s Monetary Policy Committee, said: ‘I have doubts about whether the way forward is for people to take on more debt. I wonder whether the Government should be taking on that risk onto its books.’


Government ministers and Bank of England policymakers are making soothing noises.


But the fact remains that property values remain high in relation to incomes, despite the slump. In some areas, notably London, they are rising fast, with a surge of 10 per cent in just a month in the capital according to website Rightmove, and the divide between the capital and the regions is becoming wider.


Help to Buy borrowers will also be charged a rate of around 5 per cent, which is comparatively high when set against many existing homebuyers on low cost trackers.


One big concern is that when base rates inevitably start to go up, many of them could be plunged into difficulty, sparking a wave of arrears and repossessions.



Interest rates, according to the ‘forward guidance’ given by new governor Mark Carney, are not likely to rise before 2016, unless unemployment falls faster than expected.


And according to Ben Broadbent, a former Goldman Sachs economist who sits on the Monetary Policy Committee, there is plenty of leeway to put base rates up before it would risk pushing people on Help to Buy into the mire.


‘I think there is a fair amount they could go up before borrowers got into great difficulty, I must say,’ Broadbent said.


He added that the ‘numbers entering this scheme are relatively low and although interest rates will at some point start to rise, it is worth remembering how low a level we are starting from.’


Read more: http://www.dailymail.co.uk/money/mortgageshome/article-2471819/Is-Help-Buy-lifeline-tap-Bank-Mum-Dad.html#ixzz2iYtLnk45
Follow us: @MailOnline on Twitter | DailyMail on Facebook


http://www.dailymail.co.uk/money/mortgageshome/article-2471819/Is-Help-Buy-lifeline-tap-Bank-Mum-Dad.html

RNS renewed institutional share buying.

sp closes at 314p a good week with more to come.

i think so too ..... just may top up

sp 318p rising nicely ahead of IMS next week.

Interim Management Statement

RNS


RNS Number : 2935S

Foxtons Group PLC

06 November 2013






Foxtons Group plc Interim Management Statement
6 November 2013

Introduction
Following its successful IPO in September, Foxtons Group plc (LSE:FOXT) has made a strong start as a public company and has continued effectively to execute its organic growth strategy. This interim statement is for the period from 1 July 2013 to date.

Michael Brown, Foxtons Group CEO, commented "Our first interim management statement as a listed company shows encouraging performance across the business. The IPO has left the Group in a strong position with no debt and we have a highly cash generative growth strategy which is not heavily dependent on a recovery in the sales market. We remain confident about Foxtons' prospects for the rest of the year but do not expect to see a significant upturn in London property sales transactions".



Financial highlights

Group turnover for the three months ending 30 September 2013 was £41.1m, 17.9% higher than for the same period in 2012, with revenues from property sales showing strong growth of 28.7% driven by volume growth in both new and existing branches. Lettings and mortgage revenues grew by 8.7% and 63.6% respectively over the same period.

Third quarter adjusted EBITDA1 growth was particularly strong due largely to the timing of new branch openings earlier in the year together with robust cost control during August and September 2013 and higher overall revenues. Group adjusted EBITDA1 for the nine months ended 30 September 2013 was up by 23.0% over the same period last year.

The Group has achieved an adjusted EBITDA1 margin of 36.0% for the nine months ended 30 September 2013 up from 33.2% for the same period in 2012 reflecting higher revenues and the economies of scale and operational leverage inherent in Foxtons' centralised business model.

As planned, the Group used primary proceeds from the IPO to pay down its debt fully and is now debt free.

As well as achieving solid financial results so far this year, in October 2013, Foxtons was named as Best Real Estate Agency in the UK at The International Property Awards.

Expansion plan update
The Group opened five new branches during the first half of 2013 (Brixton, Barnet, Enfield, Hackney and West End) and two new branches in October 2013 (Crystal Palace and Twickenham). These new branches are performing well and were opened on time and within budget.

Outlook
London property sales transactions in 2013 have so far remained relatively flat due primarily to a shortage in the supply of property for sale and low mortgage availability. It remains to be seen whether the recent Government help to buy initiatives and the early signs of a pick-up in mortgage activity ultimately lead to a significant increase in market volumes but these dynamics are expected to materialise slowly.

Trading during Q4 has started positively, however Q4 adjusted EBITD A1 is expected to be impacted by the operating costs of the two new branches opened in October 2013 and by the higher on-going costs of operating as a listed company.



-Ends-

it'll be interesting to see how these numbers etc are received .... prob some early profit-taking, but then .....?

05 Nov 2013 Foxtons FOXT Credit Suisse Neutral 300.75 320.00 - 322.00 Initiates/Starts

06 Nov 2013 Canaccord Genuity Hold 300.75 315.50 320.00 320.00 Reiterates