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TODAY'S OTHER NEWS

Partners and staff set to benefit from Knight Frank's record profits surge

The 65 equity partners and 8,000 staff of high-end estate agency and property consultancy Knight Frank are set to benefit from a 19 per cent rise in pre-tax profits.

Its pre-tax profits rose to £162m while sales shows a 13 per cent increase to £443.1m in the year ending March 31.

However, it was Knight Frank's commercial arm, operating across the UK regions as well as London, that brought home the bacon for the company while its luxury homes activities showed more muted performance thanks to, amongst other things, higher stamp duty on high priced residential property.

A spokesman for the company says prime property prices are now relatively flat after years of bullish growth whereas “commercial real estate activity has increased and there is now significant life in the sector. Our 10 commercial offices across the UK have had their best year ever.”

In addition to profits being split between partners and staff, some will be reinvested in the company.

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