Brexit and London property market weigh on Foxtons

Estate agent Foxtons has said there was no improvement to a “very challenging” London property market in recent trading, as buyers are put off by Brexit uncertainty.

It came as the London-listed company reported revenue of £23.8 million for the three months to March 31, down from £24.5 million this time last year.

This was due to a decline in sales revenue from £8.2 million to £7.1 million in the period amid record low levels of house sale volumes.

In a statement ahead of its Annual General Meeting (AGM), Foxtons said conditions in the London market remained “very challenging”, and that there had been no change during April.

“Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence,” the group said.

Lettings revenue inched up to £14.6 million from £14.3 million, while revenue from the Alexander Hall mortgage business was stable at £2 million.

Last year Foxtons swung to a loss as it suffered from the slower house sales market.

The closure of six branches in London also contributed to the loss, though the company anticipated cost savings in the current year as a result of the move.

The group has previously insisted it has no further plans for branch closures, despite the high rate of estate agent disappearances from the high street.

Shares in the firm were down 3.3% in early trading on Monday.