Foxtons reported a large drop, of over £1m, in sales revenue for the first three months of this year.
The agent said that the London property market remains “very challenging” with sales volumes continuing to be at “record low levels”.
Sales revenue for the first quarter of this year was £7.1m, compared with £8.2m in the first quarter of last year.
Overall, group revenue was £23.8, down from £24,5m, in the three months to the end of March. Lettings revenue was slightly ahead at £14.6m, compared with £14.3m, while mortgage revenue was static at £2m.
Tellingly, Foxtons said that “there was no change to market conditions during April”.
However, the firm reiterated its strong financial position, with a net cash balance of £15m at the end of March, up from £12m a year ago.
Foxtons was not due to issue a trading update this morning, but did so ahead of its AGM today. Its share price is currently 60p.
Meanwhile Purplebricks shares start the new week trading at close to their £1 launch price on the stock exchange after slipping on Friday.
They fell some 4% during the day to around 103p, and finished on 104p.
This was despite a vote of confidence earlier in the week, when Toscafund acquired a stake of 5.6% in Purplebricks shares. Toscafund already backs online agents easyProperty and HouseSimple.
There is also speculation that a new major backer – possible General Atlantic, a global equity firm with a track record of investing in real estate including Duabi-based Property Finder – may be eying up investment in Purplebricks.
Separately, Rightmove shares traded at a high at the end of last week, reaching 573p – valuing the business at over £5bn.
The shares finished the week at 568p.
Rightmove also announced a new director, appointing Amit Tiwari to a non-executive position. He is managing director of Vitruvian Partners and was previously head of equities at the Lakshmi Mittall Family Office.