Foxtons hit as London housing market 'deteriorates'

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Revenues at London-based estate agent Foxtons have fallen as the housing market in the capital continues to weaken.

Third quarter revenues fell 7% to £32.5m, and for the first nine months of the year are down 5% to £83.6m.

Foxtons said sales in London were hit by "ongoing political uncertainty", and sales revenue for the quarter dropped 15% to £8.4m.

Its lettings business held up better, although Foxtons said the tenant fee ban - which prevents letting agents from charging fees to tenants when setting up or renewing a tenancy agreement - meant revenue on that side of the business slipped 4%, to £22.1m.

Chief executive Nic Budden said: "Overall, this was a resilient performance set against the London sales market which continues to deteriorate and the impact of the tenant fee ban on our lettings business."

Foxtons' losses widen

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Estate agent Foxtons has reported a £3.2m loss, wider than the £2.5m reported a year earlier.

Nic Budden, chief executive, said: "The prolonged downturn in the London sales market and continued political uncertainty continues to impact our results.

"Looking ahead, we expect conditions to remain challenging and have effectively positioned the business to reflect this. In lettings, we expect our ongoing commitment to landlords in light of the tenant fee ban to improve further our proposition and we are confident this will continue to drive market share."

Foxtons revenue falls

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London-based estate agent Foxtons said revenue in its sales business fell in the first quarter.

It blamed a "very challenging" London property market.

Revenue fell to £23.8m from £24.5m.

However the company said its first quarter performance was "in line with the Board's expectations".

Back in February it warned that the London housing market is in a "prolonged downturn".

Estate agent Foxtons swings to a loss

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London-focused estate agent Foxtons swung to a loss last year, with the company admitting the sales market in the capital is suffering "a prolonged downturn".

Foxtons reported a loss of £17.2m for 2018, compared with a profit of £6.5m the year before. The loss was mainly due to one-off charges of £15.7m which included the cost of shutting six of its branches.

Revenues fell 5% to £111.5m, with the weakness in property sales being offset slightly by a "resilient lettings performance".

"The London sales market is in a prolonged downturn and the current uncertainty surrounding Brexit is clearly impacting consumer confidence," Foxtons said.

Foxtons closes six offices

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London-based estate agent chain Foxtons says it has closed six offices recently, amid the downturn in the capital's housing market.

Offices at Beckenham, Enfield, Loughton, Ruislip, Park Lane and Barnes have been shut, but it added it had no current plans for further closures

The company said group revenue in the three months to 30 September was flat year-on-year at £35.1m.

Revenues from its lettings business rose slightly, while sales revenue slipped to £9.9m from £10.3m, which it described as a "solid performance amidst ongoing reduced transaction levels".

Chief executive Nic Budden said it had been "a solid quarter in a challenging market".