Foxtons this morning reported that its revenue last year dropped to £117m, down from £133m the year before.

In the last quarter of 2017 its revenue fell £2m to £24m.

Adjusted EBITDA profits are down almost £10m, falling to £15m last year, down from £24.6m in 2016.

Sales revenue last year was down by over £10m, falling from £55m in 2016 to £42m.

Foxtons told the London Stock Exchange in a trading update this morning that its lettings business was consistent, although that revenue was also down – from £68m in 2016 to £66m last year, because of “downward pressure on rents”.

CEO Nic Budden said: “This was a solid performance in the context of ongoing challenging conditions in the London property market.

“We remain focused on achieving the best results for our customers and are pleased with the reaction to the recent growth initiatives in our lettings business.

“Looking ahead, we expect trading conditions to remain challenging throughout 2018.

“We are well placed to withstand these conditions due to our strong balance sheet with no debt, and we will provide an update on a number of strategic initiatives which we have been working on at our preliminary results presentation on February 28.”

City analyst Anthony Codling, of Jefferies, was not dismayed by the trading update.

He said: “Foxtons issued a robust trading update this morning reporting that FY17 results will be in-line with expectations.

“London is arguably has the trickiest  UK housing market conditions at the moment and yet with its focus on sales and lettings Foxtons has played its hand well.

“The market remains tough, however Foxtons agents have kept their shiny shoes on the front foot and with £18m of cash on the balance sheet those agents are likely to keep that spring in their step.