Foxtons reports drop in quarterly sales.

October 19, 2016

Foxtons reported a drop in quarterly sales in their trading update released today, amid weakness in the London market.

 In its trading update for the quarter ended 30 September 2016 it states:  Sales revenue in Q3 was £12.2m (2015: £18.5m) reflecting a continuation of reduced activity in the London property sales market. Lettings revenue, whilst also reflecting lower levels of new tenant activity, benefited from Foxtons strong renewals book and grew modestly in the third quarter to £22.8m (2015: £22.6m).

Nic Budden, CEO, said: “The long term fundamentals of the London property market remain very attractive and represent a huge opportunity for growth with nearly £3bn in total sales and lettings commissions on 2015 volumes.  We have built Foxtons to withstand sales market cycles with our lettings revenue comprising over half the business. We are pleased with the response we have seen to the strategic initiatives which we have implemented to grow our lettings business, and also the successful launch of the new MyFoxtons portal. “

Read Foxtons trading update in full  qtr to 30th September 2016 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.

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