£2.5M LOSS AT FOXTONS

Struggling London estate agent Foxtons lost £2.5million in the last six months compared to a £3.8m profit in the same period last year.

The company said it has been hit by “a sustained period of very low activity levels” in the capital’s property market.

Boss Nic Budden warned London homes sales had been “very subdued” because of “a number of factors including higher stamp duty affecting buyers of more expensive properties, second home owners, and buy-to-let investors”.

But he said demand for rental properties remained high.

Stockbroker AJ Bell’s Russ Mould said: “The one saving grace for Foxtons is a very solid balance sheet, however losses are beginning to have an impact and it needs market conditions to improve, and soon.”