Foxtons hits out at Renters’ Rights Act as profit halvesFoxtons said the Renters' Rights' Act has fuelled tenancy cancellationsFoxtons’ profit slipped as the London estate agency hits out at the Renters’ Rights Act, blaming the new tenant powers for causing a surge in renters cancelling their tenancies. This pushed pre-tax profit at Foxtons down by 57 per cent to £4.4m in the year to June. Consumer confidence slows lettingsThe Renters’ Rights Act, which was championed by recently returned housing secretary Angela Rayner, outlawed no-fault evictions and ended fixed-term tenancies. Property market ‘deteriorates’House prices in the capital have been falling so far this year, despite wider price growth across the country. But Panmure said this volatility and the market changes caused by the Renters Rights Act are “temporary” headwinds, leaving Foxtons “well placed to benefit” from the new legislation in the medium term.