Foxtons not so foxy: Shares drop 15% after profit warning

The estate agent blamed disappointing results on a 'sharp slowing' in the capital's property market.

by Jack Torrance

After cashing in on London’s blisteringly hot housing market over the past couple of years, Foxtons fortunes are not looking so rosy today. Last year it reported annual profit growth of 56.6%, but today it warned profits would be lower in 2014 as growing demand for property has slowed.

Its shares slumped more than 15% to 172p on the news, marking the company’s worst day on the stock market since floating back in September 2013.

Credit: Yahoo Finance

Third quarter turnover was down 3% on last year to £39.9m, after sales commissions fell 7.8%. Foxtons said that economic and political uncertainty, a less accessible mortgage market and ‘mismatches between the price expectations of buyers and sellers’ would constrain the property market ‘for some time’.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here


Call: 020 8267 8121



  • Up to 4 free articles a month
  • Free email bulletins

Register Now

Get 30 days free access

Sign up for a 30 day free trial and get:

  • Full access to
  • Exclusive event discounts
  • Management Today's print magazine

Join today