Housing Market Pays Dividends At Foxtons

Foxtons is to pay out £12.8m in dividends to its shareholders after reporting a strong first half.

The London-focused estate agents saw its pre-tax profit up by 57% to £23.1m in the six months to June 30.

The special dividend payment is more than half of the group's profit before tax and is the second pay out since it returned to London's stock market almost a year ago.

During the period the company opened five new branches, taking its total number to 49 and it plans to grow further in the second half of the year.

Chief executive Nic Budden said: "The combination of higher sales and mortgage volumes, together with the efficiency of our operating model has led to a significant increase in revenue and profits."

Despite the strong performance, Foxtons warned of a slow down in the rate of transactions in the second half of 2014.

It said government measures aimed at controlling mortgage lending and expectations of an interest rate rise were likely to impact short-term demand.

It comes as the Bank of England has announced measures to prevent risky home loans building up.

Earlier this month a survey showed that asking prices for houses in Britain dropped at their sharpest rate ever in August as the London market suffered a decline.

Between July and August, asking prices in the capital fell by almost 6%, dropping for the third month.

The decline has fuelled the view of a slow down in the UK's property market.

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