Fletcher King has said it expects to report a loss for the first half of the year in line with reduced transactions as investors adopt a “wait and see” approach.
It said ongoing uncertainty and market dislocation continued to hold up investment deals, bank valuations and rating appeals.
The agent has also been hit by a severe contraction in the professional indemnity insurance market around property valuation work, with the renewal premium more than doubling, adding costs of more than £200,000 for the financial year.
Fletcher King said its non transaction-based fee income generated by fund and property management “has been relatively unaffected”. It noted it collected 80% of rents for clients in June within a week of the due date.
It will release audited figures for the year ended 30 April on 11 September.
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