London estate agency giant Foxtons has posted results for the first three months of the year that show declining revenues including a reduction in sales turnover of 13% compared to last year.
Group revenues shrank by 3% to £23.8 million but its lettings business fared better, increasing its revenues by 2% to £14.6 million.
Its financial services division Alexander Hall mortgage saw revenue remain flat at £2 million.
The company is almost unrecognisable compared to three years ago, when the London downturn began to bite.
Then its revenues were still motoring along at £150 million a year or £37.5 million per quarter, nearly £15 million more than today.
“The Group’s first quarter performance was in line with the Board’s expectations,” its statement to the City said.
“Revenue in the sales business declined as conditions in the London property market remain very challenging. Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence.”
The company says it also has plenty of cash at the bank. Its net cash balance is approximately £15 million, £3 million more than it had last year at end of the first quarter.
Foxtons made its first loss during 2018 since going public, during which it closed six peripheral suburban branches.
But despite the gloomy trading conditions, it recently launched its own in-house-developed Fixflo-style property maintenance app, and has begun offering its sales app users ‘first dibs’ on properties before they uploaded to Rightmove.