Estate agency Foxton’s income fell by a quarter over the first three months of 2017 the company has reported. The firm, which suffered a drop in profits of more that 50% over the course of 2016, said its revenue for January to March dropped to £28.7million a fall of 25% on the £38.4million it generated in the same period the previous year.

The firm also revealed its income from commissions on property sales had dropped by nearly half from £20million to £11.1million, while lettings revenue had also declined by £300,000 to £15.5million.

In mitigation, Foxtons pointed out the results appeared especially dramatic against an unusually strong first quarter in 2016 as customers accelerated transactions to avoid the stamp duty rise.

The firm’s chief executive Nic Budden said in March the market had been “severely impacted” by the vote for Brexit, which he claimed had led to a “substantial reduction in property sales transactions”.

While shares in the company fell in reaction to the news, their price did not collapse as the firm’s results were in line with expectations.

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