A bumper pay-out is on the cards for Knight Frank’s 65 equity partners after the firm announced record pre-tax profits of £162m – up 19% on the year before.

The firm also reported £443.1m revenue for the year ending March 31 – a 13% rise.

Alistair Elliott, chairman and senior partner, said the strong results were due to the balanced nature of the business.

He said that the firm’s ten commercial offices across the UK had had their best year ever, with investors looking for better value outside London, and northern companies needing new space as the regional economy recovers.

He went on: “The residential market is more mixed, with the prime sector still absorbing the changes to stamp duty made last December, especially in central London.

“That said, the market continues to be underpinned by a combination of under-supply of housing, the improving economy and the low interest rate environment.”

Elliott said that prime property prices are now flat, with volumes weakening.

“However, there are still some buyers who are interested because of the low interest rate environment and, in some cases, an attractive currency play,” he added.

Knight Frank will split its profits pot between the 65 equity partners, 8,000 staff and reinvestment in the business.