A pre-election lull in the property market has hit revenues at estate agent Foxtons, as potential housebuyers and sellers await the results of next week’s poll.

The upmarket chain made revenues of £33.1m between January and March, 3.1% lower than the first quarter of 2014 when the sales market was at its strongest since 2007.

Sales commissions were down nearly 12% at £15.5m while lettings held up with 5.4% growth to £15.9m, and mortgage broking rose 13.5% to £1.6m. Foxtons made adjusted earnings before interest, tax, depreciation and amortisation of £8.3m in the quarter.

Nick Budden, the chief executive, said: “As expected, property sales transactions in London have remained relatively flat since the end of last year with many potential buyers and sellers apparently delaying their decisions until the outcome of the general election is known. Encouragingly growth in our letting business has continued from the momentum we saw at the end of last year.”

The outcome of the election is uncertain, with the Conservatives and Labour neck and neck in the polls. Nate Silver, the US statistician who correctly predicted the results in every state in the 2012 US election, has forecast a “messy outcome” for the UK, which could result in a rainbow coalition. The ruling Conservative party has pledged to enable 1.3 million families living in housing association properties to buy their homes if it gets re-elected, while Labour plans to introduce rent controls.

Despite the recent slowdown, Budden believes the long-term fundamentals of the London property market remain sound. Many of Foxtons’ branches are now located in less central areas and have seen better levels of volume growth recently.

Foxtons, whose agents drive around in green Mini Coopers, has continued to expand, opening five new branches in Barnes, Walthamstow, West Hampstead, Ruislip and Bromley. This increases its network to 56 branches, with a further two due to open by the end of the year.