A £2.5 million drop in profits – Can Foxtons Take it?
A drop in profits is never good for any business though is the latest £2.5 million drop in profits at Foxtons an internal issue of simply a sign of the current market?
Sales dropping, interest dropping in purchasing, stocks of listings increasing – Has this latest negative news from one of the UK’s most famous high street estate agency names showing us that the UK property market is slowly yet surely turning from a sellers market to a buyers?
Foxtons are quoted at saying sales are down though rentals are the avenue of their business that is improving, but can such a massive name in estate agency take such a hit?
It has been a year of negative figures for Foxtons, back in February the headlines from ‘This is Money‘ were “Foxtons reveals profits fall of 65% as home sales in London fall to ‘near historic lows’” as well as “City insiders say buy Spire Healthcare but sell struggling estate agent Foxtons” from the same media outlet.