Countrywide shares slide as housing market slowdown hits profits

Estate agent Countrywide was the biggest faller on the FTSE 250 today with shares down more than 6 per cent after it posted a sharp fall in profits amid a slowdown in the housing market.

The group, which owes several High Street estate agents including Bairstow Eves and Hamptons International, said lower housing transactions due to home buyers and sellers holding back in the run-up to May’s general election had dragged on profits in the first half of the year.

Pre-tax profit to the end of June dipped 9 per cent to £41million from £45million a year ago, with housing transactions down 12 per cent.

Read more: http://www.thisismoney.co.uk/money/markets/article-3179954/Countrywide-shares-slide-housing-market-slowdown-hits-profits.html