Foxtons this morning issued a trading statement showing that in the first nine months of this year, its revenue was down by almost £13m compared with the same period last year.

In the first nine months of last year, revenues were £106.3m. This year, they fell to £93.7m.

In the third quarter of the year, to the end of September, Foxtons has announced revenues of £35.1m, down from £37.5m in the third quarter of last year.

Sales were hit in the third quarter, bringing in revenue of £10.3m, down £2m from the same quarter in 2016.

The company said lettings performance was ‘resilient’, with a “modest growth in volumes” but “pressures on rent”. Revenue from this side of the business was down slightly in the quarter, from £22.9m to £22.5m.

Foxtons said it had managed its cost base and emphasised it has no debt.

CEO Nic Budden said: “This was a resilient third quarter performance when set against the challenging conditions in the London property market.

“We have maintained our relentless focus on delivering a leading proposition for our customers and in our lettings business we are pleased with the reaction to our recent growth initiatives.”

City analyst Anthony Codling, of Jefferies, said: “Foxtons’ trading update highlighted the strength of its business model, in the face of challenging market conditions.

“Foxtons’ famously high fee rates have been maintained, suggesting that the model is not broken.

“The main threats it faces are market related rather than from the digital new kids on the block.”

In early trading today, shares in Foxtons shot up over 6%, following yesterday’s boost provided by speculation that the Chancellor is planning to cut Stamp Duty for first-time buyers.