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Countrywide sees Q4 income dip as another property firm feels market squeeze

Integrated property services group, Countrywide plc, saw a marked decline in its income for Q4 last year after the decline in London sales volumes continued to bite.

The property group said in its trading update today that total income for the quarter stood at £179m, down from £196m in 2015 as the drop in market volumes took its toll.

It said that it expected total volumes for the year to be down by around 6% although the property group is still expecting a marginal full year improve on 2015, with income predicted to be around £737m and in line with market expectations.

Echoing the concerns of other property firms and estate agents, including London-based agents Foxtons, Alison Platt, Chief Executive Officer, bemoaned challenging market conditions which look set to to continue into 2017.

She said: “It is pleasing to report modest full year revenue growth against the backdrop of a challenging residential sales market.

“Our Retail and London divisions were impacted by the lower market volumes which were partially offset by a strong performance from our Lettings business. It is encouraging to note that both Financial Services and Surveying reported profit growth notwithstanding the external environment.

“We continue to focus on delivering cost and productivity efficiencies across our business which will mitigate the impact of a 2017 sales market which is expected to show a reduction on 2016 volumes.”

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