Foxtons sees revenues fall

What happened?

Revenues at London-based Foxtons fell by 25 per cent in the first quarter of the year.

Foxtons saw it profits decline by 50 per cent at the end of 2016. It has been hit with the capital’s slow property market.

Foxtons said group revenue was down by 25 per cent to £28.7m from £38.4m in the same period last year.

As well as this it also said that revenues from property commissions had almost halved, from £20m to 11.1m.

Lettings revenues were down by £300,000 to £15.5m.

In March Foxtons revealed that full-year profits for 2016 fell from £41m to £18.8m.

Chief executive Nic Budden blamed it on uncertainty that followed the Brexit vote last year.