Foxtons reports drop in quarterly sales.
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