Foxtons (FOXT) only floated in September, but the London-focused estate agent's performance provides ample evidence - if any more was needed - of the buoyant demand for London property.
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However, the restricted supply of homes coming onto the market meant that much of the 30 per cent cash profit rise was generated through an expanded network of sales outlets and an increase in average selling prices. Seven new branches were actually opened, bringing the total to 44, and a further seven are scheduled to open this year - five in the first half. In fact, the extended network helped to push unit sales up 22.5 per cent, compared with 9 per cent in the whole of the London market more generally.