Foxtons reveals extent of H1 coronavirus losses
Estate agent Foxtons Group has reported a 22% slump in revenue for the half year ending 30 June.
Group revenue fell to £40.4m during the period, while sales revenue dropped by 28% to £11.1m.
Its loss before tax widened to £4.3m, compared with a £900,000 loss at the same point in 2019.
Estate agent Foxtons Group has reported a 22% slump in revenue for the half year ending 30 June.
Group revenue fell to £40.4m during the period, while sales revenue dropped by 28% to £11.1m.
Its loss before tax widened to £4.3m, compared with a £900,000 loss at the same point in 2019.
The group’s branches fully reopened on 1 June, with “steady improvement in activity” across key areas including lettings applicant numbers, listings and commissions.
Lettings commissions were down by 12% year-on-year during June, and down 3% over the first four weeks of July.
Sales commissions fell by 44% in June, and by 32% in July.
Foxtons said that the government’s move to increase the stamp duty threshold had mitigated some of the market risk in the short term.
Nic Budden, chief executive, said: “Before lockdown we were seeing first signs of a recovery from the prolonged downturn in London, however the market has been profoundly affected by the Covid-19 pandemic and it is still unclear what the long-term impact of the virus will be.
“There is a long road ahead, but we remain confident in London’s resilience and ability to bounce back from this crisis as one of the most attractive property markets in the world.”
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