November 13, 2018 / 7:15 AM / a month ago

Foxtons posts flat revenue in "challenging" market

LONDON, Nov 13 (Reuters) - Foxtons posted flat third-quarter revenue of 35.1 million pounds ($45.22 million) as the London-focussed estate agent, which has suffered from the slowdown in the capital’s property market, said conditions remained challenging.

A slight increase in lettings revenue was counter-balanced by a small dip in earnings from sales, as London property demand remains sluggish in many areas after increases in a stamp duty property tax.

“This was a solid quarter in a challenging market,” said CEO Nic Budden. “We are managing the business for the current market conditions and remain confident in our long-term prospects.” ($1 = 0.7763 pounds) (Reporting by Costas Pitas; editing by Kate Holton)

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