Profits fall at Foxtons following downturn in London property market

July 27, 2017

Foxtons Group PLC today announced interim results for the half year ended 30 JUNE 2017.

Lettings revenue £32.1m down 2% versus prior year; Volumes up 1% with several growth initiatives underway, offset by fall in rental rates. Remains a resilient, recurring revenue stream.

Sales revenue £22.2m down 29% in the half; mainly driven by the Q1 surge in the prior year. Q2 sales revenue down 3% overall versus prior year and impacted by increased political uncertainty towards the end of the period.

Commenting on today’s statement, Nic Budden, Chief Executive Officer said:

“Our performance has been resilient in the context of a London property market that has been further impacted by unprecedented economic and political uncertainty. Whilst sales commissions in the second quarter as a whole were down 3% versus prior year, sales exchanges and our under offer pipeline weakened through June and the early part of July. The growth in our lettings portfolio was encouraging, up 2% to c.19,800 tenancies and now accounts for 55% of group revenues, delivering a steady and recurring income stream.

 “During the last six months we have maintained our relentless focus on delivering a market leading service for our customers and that remains our priority. We recently launched MyFoxtons for tenants and buyers, a sophisticated online portal to complement the equivalent for landlords and vendors launched last year, and early feedback has been encouraging. We have several new and exciting initiatives underway designed to build our lettings portfolio and strengthen our customer offer further. While conditions remain challenging, we are confident that these initiatives, together with the strength of our network, our balance sheet and our brand will support long term growth for our shareholders.”

Read  Foxtons interim results for the half year ended 30 JUNE 2017 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

bricks rubble
Breaking News

Westminster Debate Highlights Urgent Need to Tackle Rogue Builders

A Westminster Hall debate yesterday, led by Mark Garnier MP, brought MPs from across the political spectrum together to address the growing problem of rogue builders. The discussion highlighted shocking cases of homeowners losing thousands of pounds, unsafe work being carried out, and rogue traders repeatedly evading justice by exploiting loopholes in the current system.…
Read More →
Estate Agent Talk

New Legislation is Set to Reshape the Property Industry

Propertymark urges members to book a compliance audit as new legislation is set to reshape the industry. As significant legislative changes roll out across the UK’s property sector, Propertymark is approaching its estate and letting agent members to get them booked in for a compliance audit as it’s “the most effective way to ensure their…
Read More →
Breaking News

Don’t let the silent killer into your home: Carbon Monoxide Awareness Week

Don’t let the silent killer into your home: Propertymark’s advice for Carbon Monoxide Awareness Week As the UK marks Carbon Monoxide Awareness Week this week (17–23 November 2025), Propertymark, the professional body for estate and letting agents, is urging all tenants and homeowners to take five minutes to check their carbon monoxide (CO) alarms and…
Read More →
Breaking News

FMB Welcomes MP’s Call For Greener Homes and Energy Incentives

The Federation of Master Builders (FMB) has welcomed a House of Commons Environmental Audit Committee report calling on the Government to provide greater incentives for homeowners and housebuilders to create greener, more energy-efficient homes. The report into environmental sustainability and housing growth includes several recommendations that align with long-standing calls from the construction sector for…
Read More →
Rightmove logo
Breaking News

Hesitant market as Budget speculation fuels uncertainty, especially at upper end

Average new seller asking prices fall by 1.8% (-£6,589) this month to £364,833. This is a larger-than-usual November drop, as the decade-high number of homes for sale and Budget hiatus add to the seasonal slowdown in new seller pricing In addition, asking price reductions of homes already on the market are at their highest level…
Read More →
Breaking News

What adds value to Buy to Let (BTL) properties?

Kitchen and bathroom renovations are most popular amongst Buy to Let investors who have made improvements in the last five years 18% made green improvements, such as adding solar panels or insulation But over 50% surveyed regretted renovating their rental properties Our analysis suggests adding an extra bathroom can boost BTL property value by 8%…
Read More →