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London Real-Estate Market Shows Signs of Cooling
Homes in the U.K. capital have been among the hottest global assets in recent years, but Thursday brought fresh signs the market is cooling off.
Foxtons Group PLC, one of the city’s biggest real-estate brokers, reported weak third-quarter financial results and warned that earnings for the year would fall short of investors’ expectations. The culprit, the firm said in a statement, was “a sharp and recent slowing of volumes in London property sales markets following an exceptionally strong nine-month period.”
The stock fell 19.6%, its largest one-day drop since the company went public last year, to close at 165 pence, 59% below its peak of 402 pence reached in February this year.