London-focused estate agent faces sales slowdown, with revenue from lettings falling as ban on one-off fees loomsProfits at London-focused estate agent Foxtons have plunged by 64%, hurt by slowing demand and increased economic uncertainty. Foxtons said pre-tax profits in the first half of this year dropped to £3.8m from £10.5m in the same period of 2016. Foxtons chief executive Nic Budden blamed “unprecedented economic and political uncertainty” for the fall in profits. The estate agent again also pointed to “inflationary pressures on household incomes”. “As the lettings market grows, it is becoming more complex too, with significant new regulation, legislation and tax changes introduced in recent years,” the company said in a statement.

Source: The Guardian July 27, 2017 09:00 UTC