FINANCE: Estate agent Foxtons has been hit by a sharp slowdown in the London housing market in the three months from July to the end of September.
The company’s third quarter trading dipped by 3.9% on a like-for-like basis to £39.9m, in stark contrast to its rapid growth earlier this year.
Turnover for the year to date is up by 8.7% to £112.7m while sales in the third quarter fell 7.8% to £16.4m.
The group’s adjusted pretax profits fell by 26.8% in the period to £14.2m.
Foxtons chief executive Nick Budden said: “Despite the impact that market uncertainty is having on transaction volumes, we are continuing with our clear strategy, centralised business model and steady roll out programme, which is delivering higher market share.”
