London Estate Agent Foxtons has blamed Brexit for a 64% drop in profits, with company boss Nic Budden citing ‘unprecedented economic and political uncertainty’ as the root cause of such a dramatic fall.
Earlier in the year, Mr. Budden said the London market had been ‘severely impacted’ by the Brexit vote, as it had caused a ‘substantial reduction in property sales transactions’.
This comes after 2016 profits fell by 54%, although the company remains optimistic.
‘We have several new and exciting initiatives under way designed to build our lettings portfolio and strengthen our customer offer further’.
‘While conditions remain challenging, we are confident that these initiatives, together with the strength of our network, our balance sheet and our brand, will support long-term growth for our shareholders’.
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