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Foxtons in talks to buy online estate agent Emoov – reports

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  • 01/11/2018
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Foxtons in talks to buy online estate agent Emoov – reports
Foxtons has had initial talks to buy online rival Emoov, according to reports.

 

 

It is not clear if the discussions remain active, but the digital agent has appointed stockbroker Arden Partners to help seal a market sale, Sky News reported.

Foxtons’ share price surged by almost 8% off the back of the news.

It comes after Emoov merged with fellow online agent Tepilo and online lettings firm Urban earlier this year.

Emoov declined to comment.

Purplebricks is the dominant online agent but there are many other smaller players.

However, slowing sales transactions appear to be putting the pressure on the market.

Estate agent Connells last month axed its online agent Hatched and declared the internet-only or hybrid model was “fundamentally flawed”.

After investing in the online agent, it had not been economically viable, Connells added.

 

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