Taking Stock 

London prices and the Harrison cycle

Mark Robinson

London prices and the Harrison cycle

Foxtons (FOXT) said that it had been forced to close six of its branches over the third quarter, as revenues for the nine months to the end of September were down 6 per cent to £88.1m. It certainly dovetails with the experience of property portal Rightmove (RMV), which revealed that the average price of property coming to the market in London was down 1.7 per cent in November. A price fall of this magnitude won’t go unnoticed, as it suggests that the impasse between buyers and sellers, which hitherto has restricted volumes, may now be over. However, the extent to which sellers are now prepared to temper price expectations is still far from certain, let alone whether we’ll see a marked increase in transactions.

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