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Coutrywide’s pre-tax profits have plummeted 98 per cent in the first have of the year, the company announced today.
The UK’s largest estate agency’s pre-tax profits fell to just £447,000 in the first six months of the year, a 98 per cent drop from £24.3m during the same period last year.
Alison Platt, chief executive, said that the group had anticipated a ‘tough’ start to the year due to a downturn in the property transactions as a result of changes to stamp duty and uncertainly surrounding Brexit.
The group revealed that group house sales exchanges fell from 33,940 in the first half of last year to 27,100 this year a 20 per cent drop, while exchanges in London fell 24 per cent, from 5,702 last year to 4,351.
Platt said: “We are building a stronger business for our future and remain on track with our goals to broaden our digital capability, reduce our operating cost base and strengthen our balance sheet.
“Based on our current performance and the outlook for housing transactions in the UK, we expect our results and our leverage for the full year to be within the range of market expectations.”