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Foxtons profits fall 65% as London market slows

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Foxtons’ pre-tax profits fell 65 per cent in 2017 due to a slowdown in London property values.

The firm says profits were £6.5m in 2017 compared to £18.8m in 2016.

Revenue fell in 2017 fell 11 per cent to £117.6m.

The listed firm’s shares fell 2 per cent when the markets opened this morning.

The firm only operates in London and previously put out a profit warning.

Foxtons chief executive Nic Budden says: “We are pleased to have delivered a performance in line with market expectations.

“However, sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.”

Budden says he expects trading conditions to “remain challenging” in 2018, but that the firm will withstand this.

More news and analysis on London house prices.

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