Foxtons has reported a drop in revenues and profits during the first three months of this year.

The company had revenues of £33.1m, 3.1% lower than the first quarter of last year, with sales commissions down nearly 12% at £15.5m.

Lettings, by contrast, grew 5.4% to bring in £15.9m.

Foxtons made underlying profits of £8.3m, about a quarter less than a year ago. Operating margins fell from 32% to 25%.

Foxtons said it does not expect the market to pick up until there is “some sort of certainty” after the election.

Chief executive Nick Budden said: “As expected, property sales transactions in London have remained relatively flat since the end of last year with many potential buyers and sellers apparently delaying their decisions until the outcome of the general election is known.

“Encouragingly, growth in our letting business has continued from the momentum we saw at the end of last year.”

He said that he still sees “significant opportunities to expand our network across London with a focus on new territories and areas with strong growth potential”.

The firm currently has a network of 56 branches, with five new openings already this year and a further two planned.

Earlier this week, both Countrywide and LSL reported a similar picture of falling transactions.