Foxtons Lowers Profit Outlook as London Buyers Pause Amid Budget Uncertainty

Foxtons has downgraded its profit outlook as the London property market experiences a slowdown due to buyer hesitation amid uncertainty surrounding the delayed Budget.

• Foxtons chief executive Guy Gittins attributed the sluggish market in London to macroeconomic uncertainty and speculation about the postponed Autumn Budget.
• The subdued sales environment has led some buyers in London to adopt a wait and see approach, significantly impacting Foxtons profit expectations for the full year.
• In its latest trading update, estate agent Foxtons warned that the ongoing budget-related speculation is causing a marked slowdown in property transactions across London.