Foxtons closes Park Lane flagship as it cuts costs

Foxtons has closed its flagship office on Park Lane after 21 years as the London property market slump pushes the estate agency to cut costs.

The company, which swung to a loss in the first half of this year, has abandoned plans to expand its branch network. After the Park Lane closure it will handle Mayfair, London’s most expensive area for homes, from its Marylebone office.

The closure comes as the market for high-end London homes remains in the doldrums and price falls spread through the capital.

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