Foxtons’ profit before tax tumbled 57 per cent to £4.4mn in the first half, dragged down by weak sales as consumers hesitated over buying homes and fewer lettings materialised owing to the new Renters’ Rights Act.

Revenue from the London estate agent’s house sales division fell 13 per cent to £23.5mn, blamed on UK political uncertainty and the war in the Middle East, which kept interest rates higher for longer and sapped buyers’ confidence. The company has undertaken an “operational review” that includes “right‑sizing” and cost savings, saving £3mn and cutting less than 2 % of its workforce, with some staff reassigned to lettings and greater use of automation and AI.

Chief executive Guy Gittins urged the new cabinet to prioritise stamp‑duty reform, calling it the single biggest barrier to home moving. Meanwhile, Zoopla reported a 9 % drop in sales agreed over the four weeks to July 19. Shares rose nearly 3 % in morning trading.