May 17, 2017 / 6:17 AM / 2 months ago

UK estate agent Foxtons says revenue drops 25 percent

1 Min Read

LONDON, May 17 (Reuters) - London-focussed estate agent Foxtons said on Wednesday that its first quarter revenue slumped 25 percent as sales commissions almost halved, the latest slump in performance from the firm which once symbolised the capital's property boom.

Foxtons, which said revenue had dropped to 28.7 million pounds ($37 million) in the first three months of the year, suffered after a bumper first quarter last year in which many buyers brought forward purchases to avoid a tax hike.

The company, which floated near the peak of the property market in late 2013, has been warning since as early as 2014 that double-digit price rises and strong demand in London were cooling, hitting its profits.

Letting revenues remained stable at 15.5 million pounds, an area which is likely to be hit as the government introduces a ban on one-off tenant fees in an attempt to bring down the cost of renting. ($1 = 0.7730 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle)

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