Foxtons’ mortgage arm, Alexander Hall Associates, lost £1.1m last year as mortgage business dropped by 56%, according to its annual report.
The loss compares with a profit in 2008 of £126,057.
However, the firm hopes to return to profit this year despite what it calls “the continued weakness of the mortgage intermediary market”.
It also slashed sales staff from 164 to 95 last year as mortgages dried up.
Andy Pratt, chief operating officer at Alexander Hall, said: “Everybody in the mortgage market is in this together.”
Foxtons mortgage business loses £1.1m
10 May 2010
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