Foxtons added to stock market

<p>The estate agent has been valued at £649 million.</p>

Foxtons has been added to the London Stock Exchange, with the estate agent valued at close to £650 million on its flotation.

The company announced its plans to float on the stock market last month and it seems to have been a success, as the firm's share price rose quickly in early trading today (September 20th).

Private equity firm BC Partners bought London estate agent Foxtons at the height of the property boom in 2007 for £360 million, indicating the company has almost doubled in value over the course of the last six years.

Although the organisation was hit hard by the recession and the slowdown of the housing market, it was able to quickly return to profit.

With the property sector now on the rise again, Foxtons looks set to have a bright future.

UK chancellor George Osborne was recently forced to deny that the country's economic recovery has been built around another bubble in the housing market.

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