Foxtons losses mount as London home sales struggle

Losses at Foxtons continued to widen as the London-focused estate agent continued to battle a dramatic slowdown in the capital’s property market. 

Turbulence in the market was also reflected in Rightmove’s half-year results, which recorded a 4.6pc drop in home sales. 

The FTSE 100 member, which charges agents including Foxtons to list properties on its site, said the drop had forced some branches to close but “created opportunity for others”. 

The likes of Countrywide and LSL have been closing dozens of branches amid pressure from low-cost online rivals such as Purplebricks. 

Purplebricks Group plc (LON:PURP) engages in estate agency business in the United Kingdom, it provides services relating to the sale of properties.

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