{"id":20296,"date":"2018-07-24T11:54:01","date_gmt":"2018-07-24T10:54:01","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20296"},"modified":"2018-11-27T16:02:39","modified_gmt":"2018-11-27T15:02:39","slug":"property-market","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20296","title":{"rendered":"Countrywide shares drop nearly 30%, as Estate Agents in financial distress"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-20141 size-large\" src=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Estate-agent-boards-in-London-1024x197.jpg\" alt=\"Estate agent boards showing homes to let and houses for sale\" width=\"840\" height=\"162\" srcset=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Estate-agent-boards-in-London-1024x197.jpg 1024w, https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Estate-agent-boards-in-London-300x58.jpg 300w, https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Estate-agent-boards-in-London-768x148.jpg 768w, https:\/\/www.propertysurveying.co.uk\/newsletter\/wp-content\/uploads\/Estate-agent-boards-in-London-1200x231.jpg 1200w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/>Countrywide, the UK\u00e2\u20ac\u2122s largest estate agent group has issued a second profit warning this year after shares dropped by nearly 30%. \u00c2\u00a0The group employs nearly 8,000 staff nationwide, but has shed 150 of their 450-head office team in an effort to cut costs.<\/p>\n<p>The group, which includes brands such as Bairstow Eves and Gascoigne Pees,\u00c2\u00a0 is expecting its first half year earnings to be about \u00c2\u00a320 million lower than the previous year. A representative confirmed that a recovery of the shortfall was not expected in the second half of the year.\u00c2\u00a0Countrywide said that the housing market continues to be &#8216;subdued&#8217; with housing deals taken longer to go through.<\/p>\n<p>Generally, online agents are becoming increasing popular, as more people look to find the best deals by cutting out the &#8216;middle man&#8217;. Purplebricks says it is doing well in the UK, although the company recently reported a pre-tax loss of \u00c2\u00a326.1 million after its international expansion into the US, Australian and now Canadian markets, and sold an 11.5% stake in a German publishing group.<\/p>\n<p>Another big estate agent chain, Foxtons, has reported a slump and warned that, in particular, the London housing market is suffering from historic lows. This could be due to more people renting and high London house prices. The government is debating whether to introduce a minimum tenancy term of three years to give people who are renting homes in England added security.<\/p>\n<p>The average number of properties for sale on estate agents&#8217; books is at a 40-year low at 42.5, a trend predicted by the Royal Institution of Chartered Surveyors (RICS) to\u00c2\u00a0continue. In June, the number of new instructions fell for the sixteenth consecutive month. Most surveyors blamed &#8216;political uncertainty&#8217; (double those who blamed Brexit, although the two are closely linked) for their pessimistic outlook.<\/p>\n<p>When buying property in London or anywhere else in England and Wales, make sure you get an Independent <a href=\"https:\/\/www.propertysurveying.co.uk\/\">Chartered Surveyor<\/a>\u00c2\u00a0to carry out a survey on your property.<\/p>\n<p>MRE\/SH<\/p>\n<p><a href=\"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20164\">Back to July 2018 Newsletter<\/a><\/p>\n<p>\u00c2\u00a9\u00c2\u00a0<a href=\"http:\/\/www.propertysurveying.co.uk\/INDEX\/INDEX1.html\">www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Countrywide, the UK\u00e2\u20ac\u2122s largest estate agent group has issued a second profit warning this year after shares dropped by nearly 30%. \u00c2\u00a0The group employs nearly 8,000 staff nationwide, but has shed 150 of their 450-head office team in an effort to cut costs. The group, which includes brands such as Bairstow Eves and Gascoigne Pees,\u00c2\u00a0 &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20296\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Countrywide shares drop nearly 30%, as Estate Agents in financial distress&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[557],"class_list":["post-20296","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Countrywide shares drop nearly 30%, as Estate Agents in financial distress - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=20296\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Countrywide shares drop nearly 30%, as Estate Agents in financial distress - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"Countrywide, the UK\u00e2\u20ac\u2122s largest estate agent group has issued a second profit warning this year after shares dropped by nearly 30%. \u00c2\u00a0The group employs nearly 8,000 staff nationwide, but has shed 150 of their 450-head office team in an effort to cut costs. 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