Foxtons closes six London branches amid tough market conditions

Estate agency Foxtons has closed six London branches amid tough market conditions in the capital’s housing sector as its posted flat third-quarter revenue.

The company said it does not have any plans for further closures and will continue to operate from 61 branches, covering 85% of London.

Foxtons shuttered branches in Beckenham, Enfield, Loughton, Ruislip, Park Lane and Barnes as part of its cost-cutting initiative.

It said it will continue focusing on “driving efficiency” and ensuring the company has a “cost base which reflects market conditions”.

Chief executive Nic Budden said: “This was a solid quarter in a challenging market.

“We are managing the business for the current market conditions and remain confident in our long-term prospects.”

The update on trading for the third quarter to September 30 showed revenues were unchanged year-on-year at £35.1 million, bringing the total revenue for the first nine months of the year to £88.1 million, down from £93.7 million.

Foxtons said sales revenue in the quarter declined to £9.9 million from £10.3 million amid reduced transaction levels in the estate agent sector.

Revenue in the company’s mortgage brokering business, Alexander Hall, slipped to £2.1 million from £2.3 million.