Cushman & Wakefield has pulled out of direct sales of homes in the UK.
The firm has closed its UK new homes department as part of what it calls a comprehensive strategic review of its business.
The move is not a direct consequence of the Coronavirus crisis but has been influenced by the sales slump in recent months.
The company says in a statement: “Following a comprehensive review of our business, we are withdrawing from the direct sale of UK new homes.
“Our UK residential business will focus on providing services to developers, corporates and investors, consistent with our core business-to-business proposition and wider service offer.
“Going forward, we see opportunities in unlocking value from development land, our advice to residential investors and our expertise in specialist sectors including student and retirement living.”
Two months ago the company admitted it was considering redundancies in “select” parts of its activities.