Foxtons has revealed that commissions earned between 23 March and 15 May were down 44% against the year prior following the nationwide lockdown.
However, lettings commissions were “more resilient” than sales commissions, down 40% and 61%, respectively. Mortgage broking revenues were down only 2% in the eight-week period.
In its latest update, the agency said it has ended April with a net cash balance of £37.1m, following the “successful” completion of the share placing of equity capital on 17 April.
In light of the ongoing pandemic, the group added that it was still “too early” to predict what the full impact of the Covid-19 would be on Foxtons’ full year results.
In addition, it said “significant uncertainty” remained over how long the London residential sales and lettings market would continue to be impacted by the pandemic.
Following the recent announcement that the housing market could begin to reopen, Foxtons said that it now plans to start reopening its branches over the course of this week, with all branches expected to open by 1 June.
The group will bring furloughed employees back to work on a “gradual basis” from the same date, and has undertaken “comprehensive” risk assessments across all of its branches, as well as its head office.
All workplaces have been modified to be in line with recent guidance issued by both the government and Propertymark, and all employees have received “mandatory” Covid-19 training.
In addition, physical viewings and valuations will begin under “tightly controlled conditions” with social distancing in place, though customers will also be encouraged to view properties virtually.
Attendees for physical viewings will be restricted, and prospective buyers must confirm in advance they are not infected or displaying symptoms of Covid-19. Agents will also use PPE when undertaking physical viewings.