Knight Frank, London-based high end property agent, suffered a decrease in full year profits of 6.9% to £59.2m from a year ago, and the agent's partners took pay cuts of almost a third, as prime UK property continues to shed value.

The London estate agent, which announced results for the year ended 30 April 2008, said group turnover was up 17% to £333.9m, from £284.4m in 2007, but full year profit was down 6.9% from last year's £63m.