May 17, 2018 / 6:14 AM / in 8 months

Foxtons sees revenues fall as sales drop

FILE PHOTO - A woman walks into a Foxtons estate agent in west London, Britain July 29, 2016. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - London-focussed estate agent Foxtons (FOXT.L) posted a 15 percent drop in first-quarter revenue to 24.5 million pounds as it was hit by lower sales and lettings income.

Foxtons, which was once a symbol of the British capital’s property boom, has warned since as early as 2014 that the once runaway market was cooling as prices fall particularly in the city centre.

The firm, known for its coffee shop-style offices, said revenue from its lettings business had fallen in the first three months of 2018 due to a slow start in January and the timing of Easter but that it had seen an up-tick in April.

“Whilst the sales pipeline has begun to improve it remains below where it was this time last year. The performance of our lettings business improved towards the end of the quarter and throughout April,” it said.

Reporting by Costas Pitas; editing by Kate Holton

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