Foxtons annual profits will collapse 80 per cent following its “toughest ever” year in London, the estate agent has forecast.
Adjusted profits will be just £3m, compared to £15m last year as sales volumes fall and costs increase, Foxtons said. Transactions in the capital fell in 2018 from the previous year’s already historic lows.
The capital has been most acutely affected by a recent downturn in property prices, particularly in “super-prime” areas such as Kensington and Chelsea.
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