Estate agents opt to sell out as property market stagnates

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Dominic Agace - whose agency has 57 branches in London and 80 overall - has fielded approaches from 35 rivals this year.

He says: "There are real opportunities for consolidation. Around 70% of estate agents employ less than five people. It is a bit of a cottage industry."

Winkworth - which started in Mayfair in 1835 - blamed "mixed sentiment" for an 8.5% fall in house sales during the first half, but expects its growing share of a stronger central London market to help it match last year's figures.

However, Agace also warned that the froth would come off property prices in the capital during the second half of the year as the market entered a "new period of uncertainty" triggered by woes in the eurozone.

Winkworth expects a "flattening out" of central London prices in the second half.

Agace added: "After initial price increases this year, with most prime markets reporting prices up 8-10%, and stabilising at a level above their 2007 peak, we do not envisage further price growth for the remainder of the year." Pre-tax profits at Winkworth rose 3% to £564,846 on sales up 6.5% at £1.79 million. Shares in the firm were unchanged at 86.5p.