Foxtons has announced a 25% fall in revenues in Q1, with sales commissions practically halving on the same period last year.
Q1 revenue totalled £28.7m, which was down from £38.4m in the first quarter last year, but up slightly on a quarterly basis (Q4 2016: £26.4m). Property sales commissions of £11.1m in the first three months of 2017 compared strikingly to £20.0m in the same period in 2016, although lettings held pretty firm, with revenues steady at £15.5m (2016: £15.8m). Mortgage broking fees came in at £2.1m (2016: £2.6m).
Releasing the figures ahead of today’s AGM, the firm said they were “in line with expectations” and reflected the record sales volumes seen in the first quarter last year, when buyers brought forward their transactions to beat the stamp duty surcharge on buy-to-let investments and second homes.
Annual results released in March reported a fall in profits of over 50%, from £41m to £18.8m, as the EU referendum and other well-documented headwinds took their toll on the London market.