Belfast Telegraph

Countrywide sees revenue dip amid 'challenging sales market'

Countrywide saw revenue dip in the final quarter of 2016 as Brexit jitters and changes to stamp duty continue to hit the property market.

The UK's biggest listed estate agency said income fell over 8% to £179 million in the fourth quarter, while for the year it was broadly flat at £737 million.

The group said: "The level of market transactions in the fourth quarter continued to run below 2015 and we continue to expect full year 2016 market volumes to reflect a drop of circa 6% on 2015 levels."

In November Countrywide warned profits will come in at the "lower end of market expectations", pinning the blame on changes in stamp duty and the EU referendum.

On Friday boss Alison Platt said: "It is pleasing to report modest full year revenue growth against the backdrop of a challenging residential sales market.

"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."

Countrywide is also mulling the potential sale of its commercial property consulting business.