Brexit blamed for London estate agent’s profit plunge

London-focused estate agent Foxtons blamed a 42% drop in first-half profit on Britain’s EU referendum, saying it led to a fall in transactions which is likely to last until the end of the year.

Foxtons, a symbol of London’s booming property market in recent years, also warned that it might slow the pace at which it opens more of its glass-fronted coffee shop-style outlets.

Property website Rightmove said this week that uncertainty created by the Brexit vote had helped push down property transactions but saw its profits rise, helped partly by being spread across Britain, unlike Foxtons, which operates almost entirely in the capital.