Global estate agent Knight Frank has reported a rise in pre-tax profits to £167m in the year to the end of March, with turnover increased to £526m.

Alistair Elliott, senior partner and group chairman, said: “I am pleased to report another very strong set of results for the group.

“Our turnover increased by 10% in the face of volatile markets and political conditions around the world and we improved our margins with profit up 14%.

“We believe that this is a reflection of the success of our concentration on organic and strategic investment in people over the past five years and is a tribute to the quality of our teams across the globe.”

However, Elliott said the firm is facing “significant” headwinds in the UK, including increased regulation and the possibility of higher Stamp Duty for foreign purchasers.

He said that “another levy on top of a very high level for our market is not the answer”.

He also called for an urgent review of rising business rates, which have forced a number of high street outlets to close.