Foxtons revenue drops as Brexit uncertainty continues to dent sales

Estate agent Foxtons reported a drop in first-quarter revenue on Monday as volumes in the sales business remained at record lows amid Brexit uncertainty.

In an update for the quarter to 31 March, the company said its performance was in line with the board's expectations, with group revenue down to £23.8m from £24.5m in Q1 2018. Revenue from the sales arm fell to £7.1m, while lettings revenue nudged up to £14.6m from £14.3m.

Foxtons said the London property market remains "very challenging".

Meanwhile, revenue at the company's mortgage business Alexander Hall, was flat at £2m.

Foxtons said it remains "in a strong financial position" with a net cash balance as at 31 March of around £15m versus £12m the year before.

At 1110 BST, the shares were down 5.8% to 56.50p.

Earlier on Monday, the latest survey from Rightmove showed that house prices in all but two London boroughs - Barking and Dagenham - declined in May.