London Housing Slump hands Foxtons a 65% dive in profits

February 28, 2018

“We are pleased to have delivered a performance in line with market expectations. However, sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.” Comments by Nic Budde who joined Foxtons in 2005 as its Chief Operating Officer. Full report can be read here on Foxton’s website.

London is seeing a slow down in its housing marketing which in turn has effected estate agencies across the capital to include Foxtons whose profits showed a near two-thirds dip in 2017 compared to its London’s 2016 figures. It’s total take-in shows a drop of 11% with its lettings side down by only 3% of which the company said it will concentrate future efforts towards in the face of changing market conditions.

“… sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.”

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