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Foxtons profits fall 65% as London market slows


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.

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