Finance / Slowing property sales in London blamed for Foxtons revenue slump
Slowing property sales in London blamed for Foxtons revenue slump
17 May 2017
Revenues at Foxtons slumped in the first quarter as the London-focused estate agent pointed to a slowing sales market in the capital.
The group said revenue fell 25% to £28.7 million in the quarter ending on March 31, down from £38.4 million in the same period last year.
Of that figure, property sales commissions nearly halved to £11.1 million from £20 million.
Foxtons said the performance was set against record sales volumes in the first quarter last year, when transactions were brought forward ahead of the stamp duty surcharge on buy-to-let investments and second homes.
The estate agent has previously flagged the EU referendum as a factor in slowing the London property market.
Boss Nic Budden said in March that the London market was “severely impacted” by the Brexit vote, which he claimed had led to a “substantial reduction in property sales transactions”.
Lettings revenues were broadly flat at £15.5 million and mortgage broking fees came in at £2.1 million versus last year’s £2.6 million.
Dominic Lipinski/PA Wire