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Foxtons says Brexit to prolong London property market uncertainty

A Foxtons estate agent sign is seen outside a branch in north London September 3, 2013. REUTERS/Suzanne Plunkett

LONDON (Reuters) - London-based estate agency Foxtons Group FOXT.L said Britain's decision to leave the European Union was likely to prolong uncertainty in the property market, resulting in a drop in its full-year earnings.

The group said the run up to Thursday’s vote had already led to “significant uncertainty” across London residential markets.

“Whilst it is too early to accurately predict how the London property sales market will respond, the upturn we were expecting during the second half of this year is now unlikely to materialise,” the group said on Monday.

Foxtons said first-half group revenue was now expected to be slightly below the previous year, with a lower earnings before interest, tax, depreciation and amortisation (EBITDA) in the region of 20 percent, and full-year group revenue and adjusted earnings would be “significantly lower”.

Reporting by Paul Sandle, editing by James Davey

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