(Reuters) – British estate agency Foxtons Group Plc said on Tuesday it expected property sales market to turn favourable in the latter part of 2023, buoyed by anticipated reduction in high mortgage rates that have crimped homebuyers’ purchasing power.
Sales activity in the UK housing market has slowed markedly over the past six months or so, as higher mortgage rates and broader economic concerns drive homebuyers away.
“Mortgage rates have started to reduce in recent weeks and buyer activity is picking up, which may result in a more favourable sales market in the latter part of the year,” the company said in a statement.
Foxtons said that the lettings market dynamic of low volumes and high rental prices has continued into 2023, adding that
year-on-year rental price growth rates was likely to normalise.
London’s largest estate agent said adjusted operating profit from continuing operations for the year ended Dec.
31 was 13.9 million pounds ($16.73 million), beating market expectations of 12.5 million pounds.
($1 = 0.8307 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich)
