Capital crunch: Estate agency Foxtons laid low by London sales slump

Estate agency Foxtons has seen profits slide as sales activity in London plummets to “near historic lows”. The group said full-year pre-tax profit tumbled 65 per cent from £18.8 million to £6.5m in 2017, while revenue slumped 11 per cent to £117.6m. Chief executive Nic Budden said: “We are pleased to have delivered a performance in line with market expectations. However, sales activity in the London property market is near historic lows and this had a significant impact on our overall performance in 2017.”