London-focused estate agent group Foxtons has blamed a reduced activity in the UK capital's housing market in the aftermath of Britain's European Union referendum for a sharp decline in quarterly revenue from property sales.
In the three months to 30 September, the company reported a 34% year-on-year decline in income from property sales to £12.2m ($15m), with total turnover declining 13.7% to £37.5m and revenue from lettings broadly flat at £22.8m.
Foxtons, which three months ago warned the impact of the Brexit vote could see sales decline until the end of the year, said the figures reflected a "continuation of reduced activity in the London property sales market".
However, despite the disappointing results, group chief executive Nic Budden remained optimistic, as he stressed London's property market had not lost its appeal.
"The long-term fundamentals of the London property market remain very attractive and represent a huge opportunity for growth with nearly £3bn in total sales and lettings commissions on 2015 volumes," he said.
"We have built Foxtons to withstand sales market cycles with our lettings revenue comprising over half the business."
In July, Budden said that the uncertainty over the outcome of the referendum had led to a slowdown in the property market in the first six months of the year, while the company warned it "may slow the pace of expansion in response to market conditions".
However, on Wednesday (19 October), the estate agent unveiled plans to open two more branches in the first quarter of 2017 in outer London.