Sales fall at Foxtons as weak London market persists

Quarterly sales revenue came in at 12.2 million pounds ($15 million) for the three months ended September 30

By: Reuters | London | Published:October 19, 2016 12:09 pm

British estate agent group Foxtons said a continuation of lower activity in the property sales market in London had hit its business, pushing quarterly sales revenue down by a third.

Foxtons, a symbol of London’s booming property market in recent years, warned three months ago that Britain’s vote to leave the EU in June had lead to a fall in transactions which could last until the end of the year.

Quarterly sales revenue came in at 12.2 million pounds ($15 million) for the three months ended Sept. 30, down from 18.5 million pounds in the year-earlier period.

Foxtons said in its statement on Wednesday that tight cost control would help it deliver annual results in line with market expectations.