LONDON: UK estate agent Foxtons reported declining revenues in the first quarter of the year compared to the same period in 2016 when it was boosted by record sales volumes on the introduction of a stamp duty surcharge. In a trading update on Tuesday, the agent said overall group revenues slipped 25 per cent from £38.4m to £28.7m in the first three months of the year. Revenues were £26.4m in the previous quarter. Overall property sales commissions dipped to £11.1m from £20m, while lettings revenues were down £300k to £15.5m.
Foxtons said the quarterly performance was set against a record period in 2016 as second homeowners and buy-to-let landowners rushed to avoid the introduction of a stamp duty surcharge which came into effect last April. The company’s shares are down nearly 30 per cent this year.
