Good news! Foxtons Group estate agency shares drop; Is the property market bubble weakening?
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The Daily Telegrapgh (London)
13:18:47 - Wednesday 11, January, 2017
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"Foxtons said total group revenue fell from £150m in 2015 to £133m last year. The company expects to generate approximately £25m in earnings before interest, taxes, amortisation and depreciation (ebitda) for last year, compared to £46m in 2015.
"Anthony Codling, an analyst at Jefferies, said that '2017 will be tough' for the company, adding that 'Foxtons can do many things, but it cannot change market conditions. The sales market in London is tough, but one can rest assured Foxtons is not taking this lying down'.
"It comes as estate agents continue to feel the strain following uncertainty caused by the EU referendum and higher stamp duty rates. Almost one in five companies in the British property industry are in financial distress, with estate agents hit particularly hard, according to recent research from insolvency specialists Begbies Traynor.
"The Royal Institution of Chartered Surveyors has said the number of homes for sale is at a record low, with the slowdown having a stronger effect in the capital."
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