Foxtons to float on stock market

London estate agent Foxtons has confirmed it is planning to float on the London Stock Exchange.

The company revealed that it is aiming to raise £55 million though a share sale in a bid to benefit from the housing market recovery.

Foxtons is currently majority-owned by private equity firm BC Partners, which paid £360 million for the company in 2007, at the height of the housing sector before the recession hit.

Although the firm sustained losses during the global economic slowdown, it has since bounced back and confirmed it has returned to profit.

Foxtons, which has 40 branches in London and a further two in Surrey, plans to use the proceeds from the share sale on clearing its outstanding debts.

The London property market has proven to be remarkably resilient during the recession and the slow economic recovery, with house values rising despite the sector as a whole remaining stagnant for the UK as a whole.

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