London-based real estate agency Foxtons says its profits more than halved in 2016 as property sales eased sharply in the aftermath of the EU referendum.

The firm announced profit before tax of £18.8m ($23m), down from the £41m profit recorded in 2015.

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Revenue fell 11% to £132.7m as the introduction of the stamp duty premium and the uncertainty created by the Brexit vote hurt property transactions in the capital in the second half of the year.

Foxtons said market conditions had continued to remain tough in the first months of 2017 and added that it expected sales volumes to be lower this year if the current trend continues.

"Last year's London property market was severely impacted by an unprecedented sequence of events with changes to stamp duty and the EU referendum vote leading to a substantial reduction in property sales transactions, especially in central London," Foxtons chief executive Nic Budden said.

"We expect trading conditions to remain challenging throughout 2017. Should current sales activity continue through the remainder of this year, it is likely that 2017 sales volumes will be below last year."