Foxtons takes the hit from flat pre-election property sales

Foxtons revenues of £33.1 million were 3.1% lower than the same time last year

(PA)

Foxtons proved more popular in the City than in Brixton today despite the unloved estate agent saying the general election was still weighing on sales.

The agent is open for business in south London after its Brixton branch was attacked last weekend by “anti-gentrification” protesters, who shattered the shop front and daubed advertisements with graffiti.

But shares jumped more than 7% or 14.6p to 217.6p as the agent shrugged off the low levels of activity in the London market to produce revenues of £33.1 million in the three months to March - just 3.1% lower than the same time last year, when the sales market was at its strongest since 2007. Weaker sales commissions are being partially offset by stronger lettings and mortgage broking revenues.

Chief executive Nic Budden said property sales in London have been “relatively flat” as buyers and sellers wait for the election. He added: “Growth in our letting business has continued from the momentum we saw at the end of last year.” Analysts at Numis said: “London will be a strong market in the medium term once levels of uncertainty subside.”