Foxtons has closed its flagship branch on Park Lane, as the London estate agent suffers from a downturn in the capital’s property market.
Staff from the office will be relocated to the Marylebone office, according to reports by Property Industry Eye.
Park Lane is one of London’s most prestigious addresses.
It’s thought the estate agent is looking at ways to cut costs after reporting a loss of £2.5m in the first half of 2018, which it blamed on London’s weak sales market.
At the time of Foxtons results in July, chief executive Nic Budden said the property sales market in the capital is “undergoing a sustained period of very low activity levels.”
In prime central London, excluding new-build, transactions have fallen by 42% over the past four years, according to one recent report.
Mortgage Solutions has contacted Foxtons for comment.
