£20m bonus axe

Struggling estate agency Countrywide has scrapped a potential £20million in bonuses for three top bosses.

The decision by the firm, whose 50 chains include Bairstow Eves and Hamptons, follows a backlash from shareholders.

The U-turn comes after meetings with investors to try to raise £140m to prop up the business.

Countrywide’s share price crashed earlier this month when it was revealed auditors said it faced a struggle to stay afloat. The company insisted it was “pleased with the support it has received” towards raising the extra funds.

Meanwhile, shares in top house builders fell yesterday amid further signs of a slowdown in the housing market.

Average asking prices for homes have dropped more than £7,000 in the past month, said the website Rightmove.

Builder Berkeley’s shares fell 1% yesterday, with rivals Persimmon and Taylor Wimpey also down.