Foxtons boss urges Burnham to reform stamp duty as London housing slump deepens

See more This is Money on Google - save us as a Preferred Source Updated: 07:00 EDT, 30 July 2026 Foxtons is expecting transaction volumes to fall to a record low this year, as the London estate agency grapples with higher interest rates and weak consumer confidence.After a sharp drop in property sales in the first half of the year, chief executive Guy Gittins has urged the new Prime Minister to prioritise stamp duty reform.Gittins said it remained the ‘single biggest barrier to moving home – for first-time buyers trying to get on the ladder, for growing families and for those looking to downsize’.Andy Burnham has ruled out any immediate changes to the widely criticised property tax at the Autumn Budget.The failure to scrap the levy has compounded ongoing weakness in the London housing market, with successive tax hikes stretching buyer affordability. Gittins expects 2026 ‘to prove one of the lowest years for London transaction volumes on record’. Costly: The chief executive of Foxtons wants stamp duty to be reformed The market for flats in the capital has also been hit by high service charges and safety concerns in the aftermath of the 2017 Grenfell fire.Foxtons said political turmoil in Britain and war across the Middle East had also contributed to lower transaction volumes in the half year ending June 30, as sales revenue fell 13 per cent to £23.5million ‘reflecting challenging market conditions’.Total group revenue was down 3 per cent to £83.7million, while pre-tax profit fell 54 per cent to £4.4million.The number of sales agreed over the four weeks to July 19 fell by 9 per cent compared with the same period in 2025.Lettings revenue was flat, reflecting growth in Build to Rent and a £1.7million contribution from acquisitions.The company said it had seen 'short-term volatility' in the lettings market following the introduction of the Renters' Rights Act.Foxtons has been pivoting toward advising on rentals and mortgages for several years as these revenue streams are less prone to fluctuations in the housing market.The London-listed firm said it had undertaken an 'operational review' that included 'right-sizing' and cost savings to try to navigate a market with consistently lower sales volumes. The business has been cutting jobs to cut costs.It said on Thursday that total average fee earner headcount by the end of the first half was 882, down from 900 at the end of last year. It has simultaneously increased the use of automation and artificial intelligence to cut costs.Shares in Foxtons slipped 0.38 per cent or 0.15p to 39.55p on Thursday, having dropped more than 17 per cent in the past year.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you