Knight Frank, which has announced record sales and profits, is to open seven new offices in London and the south-east.

The firm, which is owned by its partners and has 12,000 staff working out of 335 offices in 52 countries, said profits jumped by 33% in the year to March 31.

Its profits of £136.6m compare with £102.7m for the previous year.

Turnover rose by 12% to £392.7m and it reported net cash balances of £141.7m, up from £105.1m in 2012.

Alistair Elliott, Knight Frank’s group chairman and senior partner, said: “Through a mixture of organic growth and trophy deals we have gone from strength to strength, enhancing our international footprint and client base.”

He added: “In the UK there is a sustained lack of new housing stock, particularly in London, which serves only to keep the pressure on house prices.”

As well as UK expansion, Knight Frank is to step up its expansion abroad.

Elliott said: “I believe Knight Frank is poised for what will be the most exciting stage of growth in its recent history, combining residential, commercial and international expertise with effective collaboration amongst our teams.

“Our businesses in India, Australia and the Middle East have, over the past 12 months particularly, increased momentum.

“Our priorities for the coming year are to build on what we have achieved, continue to recruit more exceptional people, expand in the Nordic region, grow our German platform, develop our foundation in China, and continue to expand the partnership’s residential network in London.”