Foxtons have announced a pre-tax loss of £17.2m for last year.
This follows the closure of offices in Beckenham, Enfield, Loughton, Ruislip, Park Lane and Barnes.
This is their first ‘full-year loss’ in six years.
‘Political uncertainty’ Foxtons say Brexit is having a negative impact on consumer confidence.
CEO Nic Budden claimed that it is not just the lettings market which is struggling:
2018 represented the “toughest sales markets we have ever had in London”.
“Outlook for sales remains unchanged due to political uncertainty – [there is still] momentum in the lettings business”.
This comes a fortnight after the founder of the business, John Hunt, announced plans to build a 145 bedroom hotel in Shoreditch.
What next for Foxtons? The company’s share price has been in decline since January 2018, but the company still plans to expand their digital market.
A spokesperson claimed a new focus on technology will “expand brand reach” and help “adapt to new markets”.
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Headline Foxtons suggest housing market downturnShort Headline London housing market in 'prolonged downturn'Standfirst London estate agent Foxtons has announced profit loss, adding that the housing market is in a 'prolonged downturn'.
Foxtons have announced a pre-tax loss of £17.2m for last year.
This follows the closure of offices in Beckenham, Enfield, Loughton, Ruislip, Park Lane and Barnes.
This is their first ‘full-year loss’ in six years.
‘Political uncertainty’ Foxtons say Brexit is having a negative impact on consumer confidence.
CEO Nic Budden claimed that it is not just the lettings market which is struggling:
2018 represented the “toughest sales markets we have ever had in London”.
“Outlook for sales remains unchanged due to political uncertainty – [there is still] momentum in the lettings business”.
This comes a fortnight after the founder of the business, John Hunt, announced plans to build a 145 bedroom hotel in Shoreditch.
What next for Foxtons? The company’s share price has been in decline since January 2018, but the company still plans to expand their digital market.
A spokesperson claimed a new focus on technology will “expand brand reach” and help “adapt to new markets”.
