Deals
Britain’s Big Estate Agents Are Under Threat
- Foxtons, Countrywide share losses put them in firing line
- 19% of agents show insolvency warning signs: Moore Stephens
A pedestrian looks at properties displayed for sale in the window of a Foxtons estate agents store in the Brixton district of London, U.K.
Photographer: Simon DawsonThis article is for subscribers only.
With no let-up in sight for listed U.K. real estate agents, the companies could find themselves the targets of a wave of M&A activity.
So say industry analysts and executives, who note that traditional high-street players like Foxtons Group Plc and Countrywide Plc face a stagnant housing market while losing market share to online competitors. Investors are running out of patience -- their shares have tumbled by almost a quarter and more than half in the past year, respectively, compared with a modest gain in the FTSE Small-Cap Index.