Foxtons, the upmarket estate agent, has fallen into the red on the back of a slowdown in the London property market. This morning Foxtons has reported a loss before tax of £2.5 million for the six months to the end of June, compared with a £3.8 million profit in the same period last year. Nic Budden, the chief executive of Foxtons, also warns the outlook is “mixed” with the sales market “very subdued” despite momentum in the lettings business. “As expected the weak sales market impacted our performance in the first half of 2018,” he said. “The property sales market in London is undergoing a sustained period of very low activity levels with longer and less visible…

Source: The Times July 30, 2018 07:52 UTC