Home / profit / “Belfast Telegraph” said : Countrywide profits fall 59% to £19.5m after Brexit vote and stamp duty changes

“Belfast Telegraph” said : Countrywide profits fall 59% to £19.5m after Brexit vote and stamp duty changes

collected by :Victor Alphen

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Profits at Countrywide were cut in half last year after the company was hit by the Brexit vote and Government changes to stamp duty.
Countrywide chairman Peter Long said: “In 2016, political uncertainty and stamp duty changes had a significant impact on the UK property market, making it a challenging year for Countrywide.
“Changes to the stamp duty regime, the UK’s decision to leave the European Union and proposed changes to tenants’ fees all had an effect on the sector and the group.”
The company has embarked on an ambitious cost-cutting drive, closing 200 branches across the UK and reducing “layers of management”.
Revenue nudged up to £737 million in the year to December 31 compared with last year’s £734 million.

as mentioned in

Countrywide profits slump by £28m amid Brexit fears

Countrywide profits slump by £28m amid Brexit fears*/

Countrywide saw pre-tax profits slump by 59 per cent in 2016 amid concerns Brexit has weakened the housing market.
The UK’s largest integrated property services group recorded pre-tax profits of £19.5m last year – down from £47.7m in 2015.
A challenging residential market has affected the group’s performance, with transactions down in the third and fourth quarters following the European Union referendum result.
Countrywide chairman Peter Long said: “In 2016, political uncertainty and stamp duty changes had a significant impact on the UK property market, making it a challenging year for Countrywide.
Michelle Lawson, director at Lawson Financial, said: “My understanding is Countrywide don’t actively market themselves as mortgage providers in their own right, not like London & Country.

as mentioned in

Countrywide suggers 59% profits slump amid Brexit fallout*/

Falling profits: Countrywide’s profits fell by 59 per cent to £19.5million last yearPeter Long, Countrywide’s chairman, said: ‘My first year as chairman coincided with a particularly challenging market backdrop.
‘Overall the property market was destabilised by fiscal change and heightened economic uncertainty, which inevitably had an impact on transactions.
Countrywide’s profits fell by 59 per cent to £19.5million last year, with April’s stamp duty hike and June’s Brexit vote triggering a ‘sustained impact’ on buyer sentiment.
Like Countrywide, Foxtons pointed to last year’s stamp duty hike and the Brexit vote for its poor performance.
Foxtons said it was ‘too early to tell’ what the impact would be from a proposed ban on such charges.

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