Foxtons’ H125 results were good, the long-term outlook is promising, and we believe its strategic direction remains positive. The revised medium-term financial targets announced in June are ambitious but achievable, underpinned by structural growth, headquarter-related cost savings, Foxtons’ technology stack and its proprietary data vault. We maintain our revenue and operating profit estimates and our 134p per share valuation, although risks appear to be skewed to the upside if interest rates decline, supporting consumer confidence.

Foxtons Group’s long-term outlook is promising and we believe its strategic direction remains positive. The revised medium-term financial targets announced recently are stretching but, in our opinion, very achievable given the positive cyclical outlook and underpinned by Foxtons’ tech stack and proprietary data vault. Furthermore, investment in the business and employees is boosting satisfaction and reducing staff turnover. We maintain our revenue and operating profit estimates and our 134p/share valuation, although risks appear to be skewed to the upside if market momentum continues.