London's leading estate agency group, Foxtons, is to be acquired by BC Partners, it has been announced.

The deal will see the private equity firm take control of the firm's 19 offices across the capital in addition to its one branch in Guilford, which between them employ around 1,900 people.

In addition, BC Partners have also acquired the London-based mortgage advisory firm Alexander Hall Associates as part of the deal, which is expected to be completed within the next six weeks, subject to regulatory approval.

In a statement issued by the estate agents, it confirmed that its existing management team will remain in place, with Michael Brown to be appointed chief executive upon the completion of the sale.

Commenting on his decision to sell the firm he founded in 1981 to BC Partners, Jon Hunt said: "They share our vision and our commitment to [Foxtons'] continued expansion.

"I am happy to hand over the reins, knowing that what we have started has a very long way still to go and that all my colleagues at Foxtons will continue to prosper."

According to a recent report from the National Housing Federation, the average cost of a property in London could reach almost £500,000 in the next five years