Foxtons has reported a pre-tax loss for the first time since the upmarket estate agency was listed on the London Stock Exchange five years ago.
The group, known for its fleet of dark green Minis and chain of coffee shop-style offices, said that it had made a loss of £2.5m in the six months to the end of June. This was a 166% fall from the £3.8m profit in the same period last year.
The Telegraph reports that the estate agency has warned of a mixed outlook for the business and said the property sales market in the capital was “undergoing a sustained period of very low activity” and sales were taking longer to complete.
The Guardian adds that later this week Countrywide, the UK’s biggest independent agency, is also expected to report grim sales figures and an emergency cash call on investors to help pay down £200m of debt.
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