Foxtons posts sales fall but thinks housing market could improve in 2020

London estate agency Foxtons on Thursday said revenues dropped in a tough year, but forecast the housing market could improve in 2020.

Like rivals, the firm, known for its fleet of Mini Coopers, grappled with low consumer confidence in 2019 as Brexit jitters and political uncertainty deterred a number of would-be home buyers.

It saw sales fall 4% to £107 million and shut four underperforming branches last month, including in Muswell Hill and Barnet, contributing to one-off costs of about £6 million.

But the firm increased its sales market share and pre-tax profits will come in at £13 million to £13.5 million, slightly ahead of City forecasts.

Chief executive Nic Budden said it was a “solid performance” in hard market conditions.

He added: “Early signs are that the sales market may improve during 2020 and our sales pipeline is ahead of last year.”

However, he cautioned issues like affordability and stamp duty taxes continue to weigh on the market.