Estate agency Foxtons hit by slowing London market

Foxtons suffered a 34% drop in income from property sales. Picture: John Stillwell/PA Wire
Foxtons suffered a 34% drop in income from property sales. Picture: John Stillwell/PA Wire
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Estate agency Foxtons has blamed a fall in revenue on reduced activity in the London property market.

The update came after the estate agent said it was reviewing its expansion plans in light of uncertainty surrounding the EU referendum.

READ MORE: What Brexit means for the Scottish property market

Income from property sales fell 34 per cent to £12.2 million in the three months to 30 September, with total turnover at the firm falling 13.7 per cent to £37.5m.

Foxtons said the numbers reflect a “contin­uation of reduced activity in the London property sales market” although it said that long-term fundamentals remained ­positive.

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