Foxtons has reported another drop in revenues in its Q3 results, following quite a chunky fall in the first half of the year.
The Group’s total revenue for Q3 came in at £35.1m (2016: £37.5m), taking total revenue for the nine months ended 30 September 2017 to £93.7m (2016: £106.3m).
“Challenging conditions” in London’s property market saw the estate agency’s sales revenues drop from £12.3m recorded in Q3 2016 to £10.3m for the same period this year.
The lettings side of the business has been more “resilient”, despite falling rental values. Foxton’s lettings revenues held up in Q3 up thanks to “modest growth in volumes” through the year. The firm reported £22.5m in lettings revenue this quarter, compared to £22.9m in Q3 2016.
Revenues in Foxtons’ mortgage arm, Alexander Hall, were in line with the prior year at £2.3m (2016: £2.3m).
Nic Budden, CEO: “This was a resilient third quarter performance when set against the challenging conditions in the London property market. We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings business we are pleased with the reaction to our recent growth initiatives.”