I'm LongbridgeAI, I can summarize articles.Foxtons shares plummeted 27% to 32p after the estate agent reported a £3m financial hit from the Renters’ Rights Act, which triggered a surge in tenancy terminations. Additionally, Foxtons cited a prolonged downturn in the sales market, causing first-half operating profits to drop nearly a third to £8.5m compared to 2025. The stock has halved since the start of the year.
Foxtons shares have tumbled after the firm said it took a knock of as much as £3m from the introduction of the Renters’ Rights Act, as Landlords rushed to terminate tenancies before fresh rules took effect.
The Act abolished fixed tenancy terms and increased tenant flexibility to terminate tenancies, sparking “elevated levels of tenancy terminations” as Landlords sought to reset terms before they lost the ability to do so.
Foxtons, which also bemoaned a “prolonged downturn in the sales market” said operating profit for the first half of the year was £8.5m, a drop of nearly a third compared to 2025.
Foxtons share price slid 27 per cent to 32p. The London estate agent’s stock has almost halved since the start of the year.