LONDON May 17 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
($1 = 0.7730 pounds)
(Reporting by Costas Pitas, Editing by Paul Sandle)