Foxtons revenue down 23%

London estate agency Foxtons reported a fall in revenue from property sales of 23% in the year ended 31 December 2016. It said the revenue fall, to £55.5m from £72m, was driven by a marked stepdown in activity in the second half of the year following the Brexit vote and changes in stamp duty. It added that the “market remains tough, especially in central London.” As a result, profits more than halved, falling to £18.8m from £41m in 2015. Lettings proved more resilient, however, as Foxtons reported lettings revenue of £68.3m, down just 1% on last year. The agency expected conditions to remain challenging, and that sales volumes could continue to fall. Chief executive Nic Budden said: “Last year’s London property market was severely impacted by an unprecedented sequence of events with changes to stamp duty and the EU referendum vote leading to a substantial reduction in property sales transactions, especially in central London.” • To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette