Foxtons Has Just Made A Loss Of £2.5m

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Foxtons Has Just Made A Loss Of £2.5m

In news that's unlikely to bring a tear to every Londoner's eye, Foxtons reported a loss for the first half of the year. Why? London's increasingly broken and stagnant property market.

The estate agency reported losses of £2.5 million in six months, which comes on the heels £3.8 million profit from the same period last year.

Foxtons chief executive Nic Budden said:

The property sales market in London is undergoing a sustained period of very low activity levels with longer and less visible transaction outcomes, which clearly impacts our business.

Is that the sound of a tiny violin we hear? Estate agents unable to flog homes? How awful. The thousands of Londoners who can't buy homes, really feel for you.

London. Let us all come together and hold a candlelit vigil for the renewed profitability of Foxtons. Pray that this curse will not blight the beloved company for too long.

What's that? Foxtons are also saying they'll be OK because of an upturn in the lettings market. Party poopers.

Last Updated 30 July 2018