Foxtons warns earnings hurt by property slowdown

London

BRITISH estate agent Foxtons warned profits would fall this year due to a sharp slowdown in a London property market that has seen prices soar, triggering the steepest drop in its shares since the company listed last year.

"We now believe that market volumes in the second half of 2014 overall will be significantly below levels during the same period last year," the company said.

Foxtons, which posted a 3 per cent dip in third-quarter turnover, …