One of London’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 £18.8m compared to £41m in 2015.
Foxtons has warned that their trading conditions for 2017 will “remain challenging.”
Sales will fall further this year if current trends continued, it said.
“Last year’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,” Chief executive Nic Budden, told the BBC.