In their Final Results for the year ending 31 December 2018 Foxtons Group plc reported a loss of £17.2m, compared to a profit of £6.5m for the previous year.
The company said that the loss was due to a 15% fall in sales revenue, although lettings revenue rose by 1%.
Nic Budden, CEO, said: “Our performance in 2018 was impacted by a further deterioration in the sales market, with transaction levels falling for another year from their already low levels. We are pleased with the lettings business and the investment we made earlier in the year helped to drive a good second half performance.”
He forecast: “The outlook for sales remains unchanged with a range of factors, including political uncertainty, likely to contribute to ongoing low transaction levels in the short to medium term. There is momentum in the lettings business and we are pleased with how that business is progressing.”
Budden concluded: “We remain confident of our long term prospects.”
In the current London market, these figures will hardly have come as a surprise to most. Similarly, it would take a very pessimistic person not to expect Foxtons fortunes to improve in the long term. The question might be, for all London-centric-agents, how long will the long term be.
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