Slowing property sales in London blamed for Foxtons revenue slump

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