(Reuters) - British estate agent Foxtons (L:FOXT) said on Wednesday that its third-quarter revenue fell 6.4 percent, hit by lower sales commissions.
The company, which floated in late 2013, has been warning since as early as 2014 that double-digit price rises and strong demand in London were cooling, hitting its profits.
The firm, known for its fleet of Mini cars and coffee shop-style outlets, said it would improve profitability by targeting higher-volume, higher-value residential property markets in London.
Letting revenues remained stable at 22.5 million pounds ($29.64 million).
The company said commissions from property sales fell to 10.3 million pounds, from 12.3 million pounds a year ago.
Group revenue fell to 35.1 million pounds in the quarter, from 37.5 million last year.
($1 = 0.7592 pounds)