Half of Winkworth’s revenues came from lettings and property management last year, the firm has reported.

Giving trends but not numbers in a trading update, Winkworth said that the UK sales market continued to be challenging in 2018.

Prime central London prices stabilised at 15% to 20% below their peak in 2014, and prices across Greater London slipped 10%.

Paying tribute to the “hard work and dedication” of its franchisees, Winkworth said total group revenues were up last year on 2017, and it expects to report higher pre-tax profits.

Winkworth opened six new offices last year but merged four with others in neighbouring areas, and closed one – leaving the total number of outlets at around 100.

However, Winkworth said that the number of new franchise applicants rose by almost 80% last year and it expects to grow the business this year.