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Foxtons confirms sharp revenue fall

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  • 18/10/2017
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Foxtons confirms sharp revenue fall
Estate agent Foxtons has blamed the “challenging conditions in the London property market” after confirming its revenues dropped significantly in the first nine months of the year, compared to the same period in 2016.

Revenues for the third quarter hit £35.1m (compared to £37.5m last year), bringing the total for the year to date to £93.7m, down from £106.3m last year.

The firm said that its lettings performance had seen a “modest growth” in volumes, which it said had “partially offset the expected impact of the downward pressure on rents across the market”.

While its sales and lettings revenues both fell, Foxtons confirmed that its mortgage business Alexander Hall, had seen revenues remain at £2.3m.

Nic Budden, chief executive officer of Foxtons, said: “This was a resilient third quarter performance when set against the challenging conditions in the London property market. We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings business we are pleased with the reaction to our recent growth initiatives.”

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