Property News · July 29, 2016

Foxtons profits down sharply as London property market cools


Estate agent’s profit before tax fell to £10.5m in the first six months of the year, from £18.1m a year earlierEstate agent Foxtons has posted a 42% drop in half-year profits as uncertainty caused by the EU referendum led to a sharp slowdown in London property sales, and warned that the downturn in the capital’s housing market would last for at least the rest of 2016.The firm’s profit before tax fell to £10.5m in the first six months of the year, from £18.1m a year earlier. Revenues from property sales dropped 7% to £31.3m, while lettings revenues were also affected by the uncertainty caused by the referendum, declining 2.7% to £32.6m. Foxtons cancelled a special dividend. Continue reading…

Source : theguardian.com
Read more…Foxtons profits down sharply as London property market cools

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