Has Foxtons Hunt called the top of the market?
Last week property company Land Securities warned that the UK commercial property market had peaked and there were signs of a slowdown. Chief executive Francis Salway said some properties were now worth less than a year ago and warned: “This is a big deal.” Could it be we are witnessing the first signs of a similar-sized “deal” in the residential property market? Yesterday the British Bankers Association released figures showing a downturn in mortgage demand. Underlying net mortgage lending was up just £5bn in the last month, down on the previous month and on the recent monthly average of £5.4bn. And the Rightmove house price index reported an increase of just 0.4% in asking prices, the lowest this year. But the best indicator surely has to be the decision by über-estate agent Jon Hunt to cash in his chips and sell his Foxtons estate agency chain. Mr Hunt, who is reckoned to have a personal fortune somewhat north of £700m, is banking £380m after selling the agency he founded 26 years a
