Estate agent Foxtons saw revenue fall by a quarter in the first three months of the year, following on from falling profits in 2016.
Group revenue fell 25 percent to £28.7 million in the three months to March 31st, from £38.4 million in the same period last year. Whilst performance remained in line with the Board’s expectations, with revenues comprised of property sales commissions of £11.1 million, down from £20 million in the same period last year, lettings revenues of £15.5 million and mortgage broking fees of £2.1 million.
The company explained the weaker-than-expected figures by comparing thie quarterly performance to the “record sales volumes in the first quarter last year when a number of transactions were brought forward ahead of the stamp duty surcharge on buy-to-let investments and second homes”.
The estate agent, who have a large base in the South of England, saw profits fall by more than 50 percent in 2016, hit by a slow property market in the wake of the Brexit vote. In a statement earlier this year, the company warned that 2017 was likely to remain “challenging”.
Foxtons (LON:FOX) shares are currently trading down 3.37 percent on the news, at 102.43 (1018GMT).