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I was interested to read the statement from Nic Budden, the Chief Executive of Foxtons. Foxtons have just reported that its revenue for the final quarter of 2016 was down by a quarter compared to the same period in 2015 and its total revenue for 2016 is 11% less than the year before. Whilst it has to be remembered that Foxtons are a London centric Estate Agent this is perhaps an indicator of future market conditions. Nic’s comments advised “looking ahead we expect trading conditions to remain challenging in 2017 and it is likely that 2017 volumes (for sales) will be below those in 2016.”
Whilst I don’t think the Scottish market is as vulnerable to brexit as the London market it will be very interesting to see activity levels for this year.
Partner – Head of Property