Where can I go when the Energy Ombudsman takes tenant’s word?

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One of my long term tenants left a property on 26th January 2018, but advised his electricity supplier that he left on 1st January and provided a fraudulent reading. The first I knew of this was in March when EON charged me £126 for the ‘unoccupied’

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Call of the Week: Gas safety certificates and section 21

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This week a landlord called wanting advice on how to gain possession of their property, from their tenants who were on a joint tenancy agreement. After the advisor gathered the relevant facts about the landlords situation, it came to light that the landlord had not complied with the serving of the gas safety certificate to […]

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Bridging and Development Finance Seminar

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I would like to personally invite all Property118 readers to our Seminar in association with Shawbrook Bank to understand more about commercial finance and in particular focusing on Bridging and Development finance for property investors.

This event run by my company Brooklands Commercial Finance

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Tough Trading Conditions for Foxtons

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Agent’s Figures:

Along with many other estate and letting agents, Foxtons, the London based agents, are finding trading conditions tough as last week they announce pre-tax losses of £2.5m for the first half of 2018.

Sales revenue is down by £17.2m, 23% down on their previous figures. They reported pre-tax profits of £3.8m 12 months ago.

The publicly quoted company, one of the few in the residential agency sector, will not be paying a dividend to its shareholders this time. Foxtons share price, which peaked at over 350p in January 2014, now hover around 50p.

In a conference call last week Foxton’s CEO Nic Budden said it had “been a challenging half “with group performance impacted by ongoing weakness in the London property sales market and this resulted in a 9% reduction in group revenue to £53 million.

The lower revenues, “together with the cost of investment in people, brand and technology that we announced at the beginning of the year were the main reasons for the fall in profitability.�

The lettings business continues to prove resilient, said Mr Budden, with revenue falling by 1% to £31.7 million, due to slightly lower rents on broadly flat volumes. “The lettings programmes we launched earlier in the year are now starting to have an impact with Q2 revenue up several percentage points on prior year and a strong start to Q3.�

Foxtons revenues have fallen for the last two years in a row, but the company’s balance sheet is debt free, and at the end of June it had a cash balance of £11.8m. Income per sold property increased slightly to £14,450 with lettings providing a reliable cushion, representing 60% of revenue, at £31.7m, slightly down on a year ago at £32.1.

During the period Foxtons had invested £1m in a technology company which Mr Budden said had future potential, but he stated that: “The property sales market in London is undergoing a sustained period of very low activity levels with longer and less visible transaction outcomes, which clearly impacts our business.�

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