According to a recent article Farewell Foxtons on CNNMoney.com, Foxtons has shut down. In October of 2003, the brokerage profiled and claimed to have revolutionized the real estate industry. Foxtons caught nearly everyones attention when they announced they were charging 2% commission in comparison to the standard 6%. The founder Glenn Cohen launched the company in an effort to show home owners that realtors were overpaid. He argued that homeowners could market and sell their homes on the internet, with little to no help from a realtor, thus the 2% commission. But, for that price, the old saying held true: "You get what you pay for." Foxtons brokers listed homes on their website, but did little else, sellers were left to schedule and host open houses as well as handle closings. However, discount brokerages rely on high volume to succeed, so, Foxtons was not equipped to handle a market such as the one we're experiencing now, with rising interest rates and slowing growth.
Read the entire article Farewell Foxtons on CNNMoney.com to fully understand why Foxtons has said farewell to the real estate industry