london estate agent foxtons issues postbrexit profits warning
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

London estate agent Foxtons issues post-Brexit profits warning

Arab Today, arab today

Arab Today, arab today London estate agent Foxtons issues post-Brexit profits warning

Foxtons said that both its 2016 revenues and operating profit
London - AFP

Upmarket London estate agency Foxtons on Monday warned that profits would be hit this year after Britain's shock referendum vote to quit the EU.

The news sent Foxtons' share price tumbling by more than a fifth of its value and stoked worries that Brexit could spark a slump in the London's property market, which has benefitted from record-low interest rates from the Bank of England for more than seven years.

However, prior to Brexit there were already signs that the high-end London property market was slowing after the government hiked taxes on transactions aimed at preventing a bubble.

Around 1100 GMT, Foxtons shares nosedived to a loss of almost 22 percent at 105.50 pence.

The broader London stock market also sank Monday on worries over fallout from Britain's surprise vote on June 23 to leave the 28-nation European Union.

"The run up to the EU referendum led to significant uncertainty across London residential markets and the decision to leave Europe is expected to prolong that uncertainty," Foxtons said in an official statement to the London Stock Exchange.

"Whilst it is too early to accurately predict how the London property sales market will respond, the upturn we were expecting during the second half of this year is now unlikely to materialise."

Foxtons added that both its 2016 revenues and operating profit -- as measured by earnings before interest, tax, depreciation and amortisation (EBITDA) -- would be "significantly lower" than in 2015.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

london estate agent foxtons issues postbrexit profits warning london estate agent foxtons issues postbrexit profits warning

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

london estate agent foxtons issues postbrexit profits warning london estate agent foxtons issues postbrexit profits warning

 



GMT 08:12 2017 Tuesday ,28 November

Government launches a campaign to eliminate corruption

GMT 18:43 2018 Thursday ,20 September

Russian PM does not rule out expansion of trade wars

GMT 09:28 2017 Saturday ,30 December

Ski jumping: 40,000 to see Four Hills take leap of faith

GMT 19:31 2017 Sunday ,16 April

Iran to export gas to Iraq

GMT 03:14 2017 Monday ,17 April

Kazakhstan Ambassador hails ties with Oman

GMT 20:57 2017 Wednesday ,20 September

Dubai Customs launches Partners’ Happiness Lab

GMT 18:32 2017 Monday ,30 October

CBE governor directs banks to expand funding

GMT 14:58 2017 Sunday ,19 February

Dhoni removed as Pune captain, Smith to take over

GMT 14:35 2017 Thursday ,19 January

Naidu comes to the defence of 'Dangal' actress Zaira

GMT 18:06 2016 Tuesday ,06 December

HHA launches Geely X7 Sport 4WD in Saudi market
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday