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Countrywide continues to perform well

By BFN News | 07:33 AM | Wednesday 04 November, 2015


Integrated property services group Countrywide continues to perform well across its diversified portfolio despite the impact on its estate agency business of lower levels of housing transactions than in 2014, a trading update says. The group says it remains optimistic about future growth and have continued to invest both organically and non-organically throughout the year. It says that despite generally encouraging economic conditions, the anticipated post-election recovery in residential transactions failed to materialise in any significant way. This is underlined by the latest market data which shows Land Registry volumes to the end of July running 8% below 2014. It says that a key constraining factor in the current market is the availability of stock, with the number of properties coming to the market running significantly below the same period last year. Furthermore, changes in stamp duty have had no positive impact on transaction volumes but have constrained moves at the upper end of the market. The slow pace of recovery in housing sales transactions will most likely result in volumes for the year being at least 5% below 2014 at circa 950,000 in total. Story provided by StockMarketWire.com

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