Foxtons has reported a 3.1% drop in revenue in the first half of 2016.
Pre-tax profits were down 42.2%, from £18.1m to £10.5m and sales revenue was down 7%, with the number of units sold falling over 10% to 2,314.
Commissions rose 28.5% in the first quarter before the 3% stamp duty surcharge was introduced.
A slower second quarter led to Foxtons’ adjusted EBITDA falling 35.9% in the half year.
The company said market uncertainty has led to a widespread slowdown in the residential market.
Chief executive Nic Budden said: “The result of the referendum to leave Europe is likely to lead to a prolonged period of further uncertainty and we do not expect London residential property sales markets to show signs of recovery before the end of the year.
“However, longer term, whilst recent political events have produced uncertainty for buyers and sellers, we expect London to remain a highly attractive property market for sales and lettings, and we remain committed to our goal to reach 100 branches across greater London.”
Stamp duty deadline drives Foxtons’ profits
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