Estate agency Foxtons hit by slowing London market

Estate agency Foxtons has blamed a fall in revenue on reduced activity in the London property market.

Foxtons suffered a 34% drop in income from property sales. Picture: John Stillwell/PA Wire

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

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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.