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Foxtons says London housing market remains 'challenging'

"Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence," the estate agency group said
The estate agent's lettings business increased sales 2% and mortgage sales were flat

Revenue continued to subside at Foxtons Group plc (LSE:FOXT) in the first quarter although the London-focused estate agent said it expected as much, with residential sales volumes still at record lows.  

The company said group revenue of £23.8mln for the three months to 31 March was down 3% on the same period last year, albeit easing back from the 5% decline seen over the past year. 

READ: Foxtons slumps into red as London housing market sinks lower

"Sales volumes continue to be at record low levels and ongoing Brexit uncertainty is impacting consumer confidence," the company said in a statement ahead of its annual shareholder meeting.

The house sales business reported first-quarter revenue down 13%, while the lettings business posted a 2% increase and the Alexander Hall mortgage unit maintained flat sales.

London's housing market was described as "very challenging" and Foxtons said there had been no change to market conditions in April.

There was cash of around £15m in the bank at the end of the quarter, down from £17.9m at the end of the year.

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