BC Partners, former owner of Foxtons, has sold more of its holding in the firm, reducing its stake to 7%.

It cut its 14% stake by half, netting nearly £48m in the process.

In May, BC Partners sold a 7.8% stake in the company.

News of the latest deal drove Foxtons’ share price down by 4.3%, making it the FTSE 250’s biggest faller on Friday, amid concerns that the sale was a reflection of the London property market.

BC Partners bought Foxtons at the peak of the market in 2007, shortly before the crash, for £375m.

Although it had its fingers badly burnt by its acquisition, Foxtons turned around to the extent that it floated successfully last year on the stock market and BC Partners is said to have reaped a three-fold increase on its original investment.