Home Residential PropertyBrexit Vote: Foxtons has sales plunge

Brexit Vote: Foxtons has sales plunge

by Sponsored Content
8th Mar 17 8:26 am

Brexit woes

One of Londonโ€™s largest estate agents, Foxtons has seen a sales dip of 23% in 2016 following changes to stamp duty and the Brexit vote in June 2016. Their profits have dropped by more than 50% with profits last year being ยฃ18.8m compared to ยฃ41m in 2015.

Foxtons has warned that their trading conditions for 2017 will โ€œremain challenging.โ€

Sales will fall further this year if current trends continued, it said.

โ€œLast yearโ€™s London property market was severely impacted by an unprecedented sequence of events with changes to stamp duty and the EU referendum vote leading to a substantial reduction in property sales transactions, especially in central London,โ€ Chief executive Nic Budden, told the BBC.

Leave a Comment

CLOSE AD