Foxtons revenues fall amid challenging London market
The estate agent said turnover dropped more than 6% to £35.1 million in the three months to September 30.
Revenues at Foxtons slid again in the third quarter as the London-focused estate agent continues to feel the impact of a slowing property market in the capital.
The group said turnover fell more than 6% to £35.1 million in the three months to September 30 as it was hit by a slowing sales market and “downward pressure on rents”.
Total revenue for the first nine months of the year is also down, dropping 11.9% to £93.7 million.
It comes after Foxtons in July blamed “unprecedented” economic and political uncertainty hitting the property market as its full-year profits sunk.
The estate agent flagged the EU referendum as a factor in slowing the London property market, adding that demand has also weakened in conjunction with “inflationary pressures on household incomes”.
For the third quarter, Foxtons said it saw modest growth in volumes but falling rents meant that lettings revenue came in slightly lower at £22.5 million.
Sales revenue in the quarter dropped from £12.3 million to £10.3 million.
Boss Nic Budden said: “This was a resilient third-quarter performance when set against the challenging conditions in the London property market.
“We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings business we are pleased with the reaction to our recent growth initiatives.”