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.

By The Newsroom

Published 20th Oct 2016, 08:15 BST

Updated 25th Oct 2016, 21:23 BST

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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.

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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