Substantial reduction in property sales transactions, especially in Central London reports Foxtons

March 8, 2017

Foxtons Group plc, London’s leading estate agent, today announces its financial results for the year ended 31 December 2016.

Sales revenue  down 23%, Lettings revenue  down 1%, Mortgage revenue  up 7%. 

Seven branches opened in 2016 and a further two in February 2017 taking network to 67

Commenting on the results, Nic Budden, CEO, said: “Last year’s 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, especially in Central London.  We were not immune to the decline in volumes, although our lettings business proved more resilient, whilst our mortgage broking business also performed well. We expect trading conditions to remain challenging throughout 2017. Should current sales activity continue through the remainder of this year, it is likely that 2017 sales volumes will be below last year.

“We have a clear strategy through these challenging market conditions, but one which also seeks to capitalise on the long term growth opportunity across London. Central to our strategy is our determination to deliver the very best proposition to our customers, delivering the highest levels of service through our excellent people, technology and network of single brand branches to ensure we secure the best results for our buyers, sellers, tenants and landlords. The launch of MyFoxtons, a sophisticated online portal for landlords and vendors in 2016, with an equivalent for tenants and buyers on the way, are exciting steps as we continue to evolve our offer, recognising the changing needs of our customers and the sales and lettings landscape. I am confident that this strategy will deliver long term growth and value for our shareholders.”

Read Foxtons Group PLC financial results for the year ended 31 December 2016 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Where London leavers are paying a premium for green space

New research from UK Property Development (UKPD shows that Essex, Kent and Hertfordshire command the highest green space premiums among London’s commuter counties, with homebuyers paying a premium of up to 15.3% to live within a stone’s throw of public green space.   UKPD has compared the average asking price of properties for sale within…
Read More →
Breaking News

Breaking Property News 18/8/26

Daily bite-sized proptech and property news in partnership with Proptech-X.   Removing inefficiency that comes from humans having to understand where every piece of information lives   Thought Leadership by Fredérick Wakim, Founder of ImmoAdmin “For most of the software era, making a property management platform better meant adding something to it. Another dashboard. Another…
Read More →
Breaking News

England tightens planning rules to save local pubs

Turning pubs into housing or offices will be made harder as part of changes to government planning rules in England. Under the updated National Planning Policy Framework (NPPF), anyone seeking to change the use of a beloved local venue must now provide strict proof that the business cannot survive, including evidence that it has been…
Read More →
Breaking News

UK modern method auction house sales up nearly 15%

UK house sales via modern method auctions increase nearly 15% year-on-year New data from leading estate and lettings agency network shows growing appetite for modern method auctions, with completion times 43% quicker on average versus traditional methods Modern method auction (MMoA) sales are gaining ground in the UK housing market. New data from Lomond, the UK’s leading network of lettings and sales…
Read More →
Breaking News

London’s garden squares commanding huge market premiums

The latest research by London lettings and estate agent, Benham and Reeves, has revealed that homes surrounding some of Prime London’s most prestigious garden squares continue to command huge values even in cooler market conditions, with buyers paying property premiums as high as 175% compared to the wider borough. Wilton Crescent Garden, located on the…
Read More →
Breaking News

Full Steam Ahead to Fast-Track More Homes Near Stations

Thousands of quality homes to be built closer to stations, cutting commute times and helping families live closer to work, school and transport New planning rules will fast-track building quality homes near transport hubs in England Part of the biggest rewrite of planning rules in over a decade to build homes faster, drive good growth, unlock investment, jobs and education opportunities   Thousands of new homes will be built around England’s train, tram and underground stations under new planning…
Read More →