Vote ‘fallout’ for Foxtons
FOXTONS has warned annual profit will be “significantly lower” as the UK’s vote to leave the European Union prolongs uncertainty in London’s property market.
The estate agent’s shares plunged 30½p to 104½p as it admitted that higher stamp duty and uncertainty in the run-up to the referendum had led many buyers and sellers to “sit on their hands”.
Chief executive Nic Budden said it was too early to accurately predict how the London sales market would respond. “The result of the referendum has increased uncertainty and is likely to mean these trends continue for the remainder of the year.”