Estate agents plunge over property slowdown fears

TRADERS deserted two of the UK’s biggest estate agents after they revealed alarming profit falls.

Countrywide – the UK’s biggest player – saw profits dive to £447,000 in the first half of the year, down 98pc on the same period in 2016, sending shares falling 9.9pc, or 16.25p, to 148p.

London-focused rival Foxtons revealed a 64pc profit plunge to £3.8m during the same period, as shares dipped by 3.9pc, or 3.75p, to 92.25p.

A housing market slowdown has seen home sales fall three months in a row, says HM Revenue and Customs.

Countrywide scrapped its interim dividend and said it slashed £27m from costs in the last year by closing branches. Foxtons is paying an interim dividend of 0.43p, down from 1.67p.