Countrywide issued a profit warning yesterday, sending its shares plummeting and raising fears that the housing market is heading for a serious downturn.
Britain’s biggest estate agent, owner of the Bairstow Eves brand, said that fewer house sales were going through the books, hitting profits. Other estate agents also are likely to be feeling the pinch.
Home sales were down by 8 per cent in the third quarter, according to the FTSE 250 company, which owns more than 50 high street estate agency brands. It expects a 5 per cent drop in volumes to 950,000 sales for the year.
Countrywide has more than 1,000 branches across Britain and arranges £10 billion of mortgages a year, making it a key barometer of the housing sector.
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