Slowdown at Foxtons

ESTATE agent Foxtons is blaming Brexit for a plunge in profit.

The group said a slowdown in sales since the EU referendum meant revenue fell to £68.8m in the first six months of 2016, from £71.1m a year ago. Pre-tax profit fell 42pc to £10.5m, from £18.1m in the same period last year.

Foxtons posted record revenues in the first quarter, due to a surge in demand ahead of changes to stamp duty in April. It sold 2,314 units in the first six months of the year, some 10.2pc fewer than the year before.

Chief executive Nic Budden said: ‘The result of the referendum is likely to lead to a prolonged period of uncertainty.’ But analyst Laith Khalaf of Hargreaves Lansdown said: ‘Most of the fall can be put down to its branch expansion programme.’