Upmarket estate agent Foxtons is banking on its aggressive expansion policy in the US and London to fund the launch of a provincial UK office expansion.
The firm is planning to use profits from its UK and newly set up US business, YHD Foxtons, to break into the provincial UK market.
At an awards dinner this month, Glenn Cohen, president of YHD Foxtons, said: “This partnership creates an international real estate powerhouse that allows for YHD Foxtons’ expansion into other major markets within the US as well as fuelling Foxtons’ expansion in the UK.”
The move follows Foxtons’ $20m investment in its US partner YHD 15 months ago and its expansion in the tough New York market in January.
The firm markets itself on charging a 2% commission and undercutting other US estate agents, which traditionally charge around 6%.
However, competitors of YHD Foxtons have said that the company lacks market share in the New York city market.
