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Foxtons: Sales in London near 'historic lows'

Mar 01, 2018 - City A.M.

PRE-TAX profits at London-focused estate agent Foxtons dropped more than 65 per cent last year, it said yesterday, as sales in the capital fell to "near historic lows".

Profits fell to £6.5m in 2017, from £18.8m in the previous year, on revenues of £117.6m, down 11.4 per cent from the £132.7m it made in 2016.

Sales revenue was the big disappointment: it fell 23 per cent to £42.6m - although its lettings business also fell three per cent to £66.3m, a performance Foxtons describe...