Foxtons shares drop sharply after it warns of ‘subdued’ pre-budget sales

The Foxtons share price fell as much as 11% in early trading but later settled at 4.5% down. Photograph: Alicia Canter/The Guardian

The estate agency Foxtons has warned of weak sales for the rest of the year as economic uncertainty and potential property tax changes in next month’s budget deter buyers, sending its shares sharply lower.

The London-focused company, known for its green-and-yellow Mini cars, said buyers had been holding off ahead of the budget on 26 November, which is a month later than usual.