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Foxtons Blames Election For Fall In Sales And Profits

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A slump in profits and revenues at estate agent Foxtons in the first half of this year has been blamed on an uncertainty in the property market in the run-up to the election.

Profits before tax were £18.1m, down from £23.1m in the previous first half. Property sales fell almost 11% and overall group revenues reduced by 2.3% to £71.1m.

The estate agent has blamed the slowdown on a sceptical market before the election in May. Following the Tory majority, there has been an increase in activity, according to chief executive Nic Budden.

“As we predicted earlier in the year, the sales market remained constrained during the months before the general election,” he said.

“With the election uncertainty now passed we have seen an increase in activity across our branch network.”

Luckily houseprices at record high and income increasing, it can only mean success is just around the corner.

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They should write letters and start a petition. Get tenants & buyers to sign it coz if they don't, houses will disappear and rents & prices will have to go up.

Edited by little fish

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