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Foxtons closes branches as ‘challenging market’ hits sales

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Foxtons has closed six estate agency branches to manage costs within a “challenging market”.

The London-based agent shut offices in Park Lane and Barnes, as well as Beckenham, Enfield, Loughton and Ruislip, it revealed in a third quarter trading update.

The group said it is striving to reflect market conditions in its cost base and has no current plans for further closures.

Sales revenue in the three months to the end of September was down to £9.9m, from £10.3m in the same period last year.

Foxtons said the figures were a solid performance against a backdrop of reduced transaction levels.

Quarterly revenue from the estate agent’s mortgage broker arm Alexander Hall fell to £2.1m, from £2.3m.

However, lettings revenue increased, helping to keep overall group revenue flat year on year at £35m.

Chief executive Nic Budden said: “This was a solid quarter in a challenging market.

“Whether it’s securing a premium valuation for a house sale or letting a property to a quality tenant, we know our customers value exceptional service that delivers results and this is how we differentiate ourselves.

“We are managing the business for the current market conditions and remain confident in our long-term prospects.”

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