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Foxtons has warned that fourth-quarter sales could fall short of expectations due to uncertainty created by the delayed UK autumn budget. The company said buyers are taking a cautious approach, adopting a "wait and see" attitude amid existing challenges in the housing market, including inflation, slower interest rate cuts, and global economic pressures. These factors have contributed to subdued demand and caused Foxtons' shares to drop sharply. The update underscores the continuing impact of fiscal and economic developments on buyer sentiment and market activity in the UK.
British real estate firm Foxtons has indicated that its fourth-quarter sales may come in below expectations, as the delay in the UK's autumn budget adds to uncertainty in the property market. The company explained that many potential buyers are adopting a "wait and see" approach, holding off on purchases until economic and fiscal conditions become clearer. Advertisement
The UK housing market has already been facing multiple challenges. Inflationary pressures, slower-than-expected interest rate cuts, and broader global economic uncertainty have weighed on demand, and the postponed budget has further contributed to cautious sentiment. Foxtons noted that this combination of factors is likely to keep sales subdued for the remainder of the year.
Following the announcement, Foxtons' shares fell sharply, dropping as much as 11.2% before partially recovering to trade around 7.8% lower at 52 pence. Analysts suggest that the situation reflects the ongoing sensitivity of the British property market to policy shifts and macroeconomic conditions, highlighting how fiscal delays can influence buyer behaviour and market activity.
Source Reuters
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