Estate agent Savills has said profits at its British commercial property business fell 54% in the first half of the year, hit by a referendum on EU membership, and that the vote and upcoming US presidential election had hit sentiment.

Underlying profit at the firm - which operates here as well as in Britain, Asia, continental Europe and the United States - rose 11.5% to £42.8m (€50.16m) in the six months to the end of June.

But commercial property was one of the first sectors to be hit after the 23 June referendum with investors pulling money from funds, forcing many to be closed.

Savills said it was not changing its full-year expectations but that "the range of potential outcomes has broadened over recent weeks."