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Sales fall at Foxtons as weak London market persists
October 19, 2016 / 6:25 AM / a year ago

Sales fall at Foxtons as weak London market persists

LONDON, Oct 19 (Reuters) - British estate agent group Foxtons said a continuation of lower activity in the property sales market in London had hit its business, pushing quarterly sales revenue down by a third.

Foxtons, a symbol of London’s booming property market in recent years, warned three months ago that Britain’s vote to leave the EU in June had lead to a fall in transactions which could last until the end of the year.

Quarterly sales revenue came in at 12.2 million pounds ($15 million) for the three months ended Sept. 30, down from 18.5 million pounds in the year-earlier period.

Foxtons said in its statement on Wednesday that tight cost control would help it deliver annual results in line with market expectations.

$1 = 0.8148 pounds Reporting by Sarah Young; editing by Kate Holton

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