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Foxtons lettings, sales revenue fall in Q3
StockMarketWire.com
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London estate agency Foxtons reported a fall in revenue in the third quarter of the year as lettings and sales fell.
Lettings revenue for the third quarter was down 8% to £19.5 million year-on-year as average revenue per tenancy fell amid fewer high value short-term lets and a significant reduction in the number of overseas student tenants and corporate relocations.
Sales slipped 18% to £6.9m, driven by depressed levels of exchanges, a hangover from the spring lockdown.
'But sales activity, including the number of instructions and number of offers accepted, has been significantly higher than the same period last year, driven by pent-up demand post lockdown and Stamp Duty relief, the company said.
'This started to convert into revenues in September, which were up 9% on prior year,' it added.
Mortgage revenue rose 4% to £2.2m, reflecting increased levels of re-mortgage activity.
Looking ahead, the company said it remained cautious as economic uncertainty 'causes more sales transactions to fall through and is putting downward pressure on rents.'
At 9:33am: (LON:FOXT) Foxtons Group PLC share price was -1.85p at 32.45p
Story provided by StockMarketWire.com
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