London Estate agents’ profits fall by up to 98% in a post-Brexit referendum world

Article is here.

Countrywide’s profits are down 98% (!) and Foxton’s is down 64%. Wow. Why? Put simply, almost nobody is buying and nobody is selling, at least not through these estate agents.

What is the cause?

  1. Brexit?
  2. Changes regarding estate agent fees?
  3. the rise of online estate agents?

I don’t know what the exact cause is but clearly, there is a big problem in estate agency right now.

 

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