Countrywide says overall market for housing transactions in the UK was down 7% in the period

Countrywide PLC today announced Interim Results for the six months ended 30 June 2017.

They stated; The overall market for housing transactions in the UK was down 7%.  Our sales market share held broadly flat at 4.9% (2016: 5.1%) despite the effect of the on-going transformation of the business; we held or gained market share of listings in brands offering the digital proposition.

Commenting on the Group’s performance, Alison Platt, CEO 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.

“As anticipated, the first half of 2017 was tough for the Group compared to the same period last year given the high levels of housing transactions brought forward in time as a result of the stamp duty changes and the EU referendum.  Our income versus the first six months of 2016 is down 10% and our adjusted EBITDA down 26%.

“We continue to serve our customers better, and this manifests strongly in our ability to win repeat business in lettings.  Our digital proposition in sales is also proving to be an important element in bringing choice and attracting more applicants and vendors to our brands.  At the same time our investment in a telephony sales channel in Financial Services is helping to grow our share of the mortgage market.  Our Surveying business has grown its profitability and increased the amount of mortgage valuations it has undertaken for its lender clients this year.  We are continuing to reshape our cost base, with total costs down £27 million from the six month period to 30 June 2016; we will continue to drive down cost and improve our productivity across the Group.

“Delivering for our customers and ‘self-help’ remains our mantra as we continue to build a stronger and more resilient business for the future.”

Read the Countrywide PLC Interim Results for the six months ended 30 June 2017 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

3 ways a new-build could boost your purchasing position

The latest internal data release from award-winning mortgage adviser, Alexander Hall, has revealed that it’s not just younger, first-time buyers taking advantage of new-build benefits to buy one-bed flats. Multiple homebuyer demographics are purchasing at all levels of the property ladder, buoyed by improvements to the mortgage market landscape, which have seen lenders offer greater…
Read More
Estate Agent Talk

‘Outdated’ mainstream homebuying can learn from auctions to give security to buyers and sellers

Andy Thompson, Director at Eddisons part of Begbies Traynor Group, said: “Buying and selling through auctions prioritises speed, transparency and security. By front loading elements such as legal documents, background checks and searches, both buyers and sellers have confidently and fully committed to the transaction, which means when the hammer falls, contracts are exchanged and…
Read More
Breaking News

What the 2025 Party Conferences Told Us About Property

Inventory Base, the UK’s leading platform for property reporting and compliance, has today released its analysis of key housing and property policy developments from all four major UK political party conferences, revealing a clear divide between those prioritising hard targets and those favouring deregulation. With housing a central issue on the national agenda ahead of…
Read More
Breaking News

Home sellers could struggle with problem properties

Sellers could struggle with problem properties, as government moves to force homeowners to list property issues upfront The latest research from nationwide cash buying company and quick sale specialists, Springbok Properties, has found that sellers could face a tougher time finding a buyer, as government plans to force them to list known issues with their…
Read More
Damaged timber from Dry Rot
Estate Agent Talk

Mould and damp – what you need to know ahead of winter

With the winter months just round the corner, problems with damp and mould can become far more prominent. Autumntime is when many people turn on central heating systems and choose to close windows, preventing fresh air ventilation needed to allow damp air to leave a property. Unfortunately, the combination of warm and damp air can…
Read More
Breaking News

Rental price and average salary tracker – September 2025

London and South East see biggest dips in required rental salary year-on-year London and the South East saw the sharpest dips year-on-year in the average salary needed in order to rent the average home in that area. London saw a 4.2% drop, whilst the South East saw a decline of 2.9%. Yorkshire and Humberside saw…
Read More