London estate agent Foxtons has warned that property prices could continue to fall this year after the firm posted a dip in sales revenue last year.
For the year ending 21 December 2016, the agent saw revenues fall to £133m from £150m in 2015. In its final quarter sales totalled £12m, down from £20m during the same period in 2015. Total group revenue for the year was £133m.
Nic Budden, Foxton’s chief executive officer, said: “Despite a challenging year, we have continued to make progress in respect of our strategic initiatives including building our presence in PRS and new homes, and leveraging our technology using data analytics and digital marketing. We also opened seven branches in 2016, and a further two branches in outer London are due to open in Q1 2017.
