Estate agent group Foxtons is closing their Beckenham branch as well as others across London as income falters.
Their share price has sunk over the past year as trouble mounts for the firm.
The company sunk into a loss when revealing results in July, and today revealed they have seen revenue fall further. Over the first nine months of the year revenue stood at £88.1m – down from £93.7m last year.
Extremely high house prices have resulted in many people unable to buy which is harming Foxtons and other estate agents – especially in London.
High fees are also acting as a disincentive in an era of growing online competition.
Early next year tenant fees will be banned across England which will also hit Foxtons hard. Foxtons charge high fees in that area too – and large groups doing so was a major reason for the ban to be introduced.
The UK’s largest estate agents – Countrywide group – is also struggling with online competition and has seen its share price plummet 97%.