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21 July. (Reuters) – London-based real estate agent Foxtons Group said Wednesday that it is considering strategic options for its mortgage brokerage business Alexander Hall Associates Ltd, including a potential sale.
Mortgage volumes were hit hard in the early months of the COVID-19 pandemic, before government incentives, including tax holidays and a mortgage guarantee scheme, triggered a positive shift in the UK housing sector and, in turn, mortgage activity.
Alexander Hall advises on mortgage brokers and supports mortgage underwriting for new real estate transactions, in addition to advising clients on re-mortgages for existing properties.
News website Mortgage Solutions reported on Tuesday that Foxtons was in the process of seeking a buyer for Alexander Hall, adding that several mortgage consulting firms have been approached by third parties on behalf of a real estate agent in the past two months.
Foxtons’ mortgage brokerage revenue fell 5% in 2020 from a year earlier due to shrinking market volumes.
Foxtons, which helps people to both rent and sell properties, has strengthened its presence in London with the purchase of Douglas & Gordon earlier this year. (Reporting by Aby Jose Koilparambil in Bangalore; editing by Uttaresh.V)