Foxtons is to buy back up to £3m of its shares by 2 March after finding itself with “excess cash”.
In a trading update the agent said it expects its cash balance to exceed more than £30m by 31 December.
Broker Numis Securities has been appointed to manage the programme.
Foxtons added that it is also anticipating an adjusted operating profit of between £1m and £1.5m for its financial year off the back of an improving revenue trend and tighter cost controls.
The firm said total revenue was down by 15% like-for-like to £83.6m for the 11 months to the end of November, but total revenue for October and November was up by 2% to £14.8m compared with the same period last year.
Sales revenue for the two months was also up by 11% to £5.4m, but revenue from its lettings business was down 1% to £8m due to a decline in average rents.
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