- Real estate agents Foxtons reported that first quarter revenue fell 15% to £24.5m from the same period last year, amid 'very challenging' conditions in the London property market.

In the first quarter of 2018, group revenue fell to £24.5m from £28.7m the same period a year ago as sales revenue dropped to £8.2m from £11.1m, lettings revenues fell to £14.3m from £15.5m, and Alexander Hall mortgage revenue inched lower to £2.0m from £2.1m.

Foxtons blamed the poor performance in lettings on a slow start to January and the timing of Easter, which it said had had a negative effect on revenue.

'Whilst the sales pipeline has begun to improve it remains below where it was this time last year. The performance of our lettings business improved towards the end of the quarter and throughout April, Foxtons said.

At 10:12am: [LON:FOXT] Foxtons Group PLC share price was -0.25p at 70.15p

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