Branch² Intelligence
Foxtons takes £3m hit from Renters' Rights Act as students rush to end contracts
Key takeaway
Foxtons takes £3m hit as Renters' Rights Act lets tenants exit contracts early.
- Step 1Renters' Rights Act abolishes fixed-term tenancies, enabling tenants to end contracts early.
- Step 2Surge in tenant terminations reduces Foxtons' commission income and increases re-letting costs.
- Step 3Higher tenant churn depresses rental yields for landlords, reducing demand for letting agent services.
Source: This Is Money
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