There goes the neighbourhood

8 March 2017 By Carol Ryan

The London-centric estate agent is a good guide to the capital’s property market since the vote to leave the EU. Things look toughest in the affluent middle, and city centre. With its shares below their IPO price, Foxtons is suffering for hitching its wagon to the metropolis.

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London faces a luxury ghost-town problem

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London-focused estate agent Foxtons said on March 8 that full-year group revenue declined by 11 percent to 133 million pounds.

Pre-tax profit fell 54 percent year-on-year to 18.8 million pounds, missing analyst estimates of 19.6 million pounds in a Reuters poll.

Chief Executive Nic Budden said the London property market was “severely impacted by an unprecedented sequence of events with changes to stamp duty and the EU referendum vote leading to a substantial reduction in property sales transactions”.

The company expects trading to be challenging throughout 2017. Its London-listed shares were down 2 percent by 0835 GMT on March 8.

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