Property market woe

SHARES in Britain’s largest estate agent tumbled 16pc after the company said profits would be lower than expected following a bleak end to the year.

Countrywide, which owns brands including Hamptons, Bairstow Eves, Beresford Adams and GascoignePees, said income for 2017 would be down 8.8pc to £672m due to a disappointing fourth-quarter. Income from sales and lettings in the UK fell 17pc, including a 10pc slide in London.

Profits for the full year will be around £65m, which is down 18.5pc on the previous year and 10pc shy of City forecasts.

Shares in Countrywide, which listed at 350p in 2013 and peaked above 680p in 2014, fell 25.2p to 110p.