Carter Jonas profits fall against ‘challenging market conditions’

Estate agency's pre-tax profits have slumped by 24% compared to last year, while total revenues are down 5%.

Increased spending by estate agents has boosted the property portal's revenue, but a 'higher than expected' number of agents are cancelling contracts as the property market slows.

The new 'Teams' initiative is 'the next step in the evolution of the self-employed model,' says estate agency boss Adam Day.