Foxtons profits dragged down by London weaknesses
PROFITS at Foxtons plunged by almost two thirds last year as the estate agent group battled with a slowdown in London's housing market.
While prices in the capital have remained high, the number of transactions has dropped recently following a surge in buying activity in previous years. That meant Foxtons, which operates almost entirely in London, saw a 23pc drop in sales revenue last year to £43m.
Its lettings business was more resilient, with a 3pc fall in revenues to £66m. But t...