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"We continue to focus on delivering cost and productivity efficiencies across our business which will mitigate the impact of a 2017 sales market which is expected to show a reduction on 2016 volumes.

It is not totally surprising therefore that the profitability of the major agency groups is under pressure.Our Retail and London divisions were impacted by the lower market volumes which were partially offset by a strong performance from our Lettings business.It is encouraging to note that both Financial Services and Surveying reported profit growth notwithstanding the external environment.You can't make good returns for shareholders if the business is dependent on highly-remunerated key personnel. The new generation know that property is over-priced and that the country's debt is too high to embark on a massive social housing spree, so they are renting and living for the day. So, we will get a massive indigenous population decline like in Italy, the trend of low-skilled, 10-to-a-house immigration will continue and Britain will be unrecognisable in 20 years' time.Unless they allow property prices to crash this time at the next recession...

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