Estate agent Foxtons posts flat Q3 revenue in "challenging" market

Foxtons posted flat third-quarter revenue of 35.1 million pounds ($45.22 million) as the London-focussed estate agent, which has suffered from the slowdown in the capital's property market, said conditions remained challenging.

A slight increase in lettings revenue was counter-balanced by a small dip in earnings from sales, as London property demand remains sluggish in many areas after increases in a stamp duty property tax.

"This was a solid quarter in a challenging market," said CEO Nic Budden. "We are managing the business for the current market conditions and remain confident in our long-term prospects." ($1 = 0.7763 pounds)