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UK’s Countrywide warns Brexit will hit 2016 earnings

Sees 2016 transactions down 6% lower than 2015

Gulf News

Bengaluru: Countrywide, Britain’s biggest lettings and estate agency firm, warned on Thursday earnings this year would be hit by a slowdown in the property market since the vote to leave the European Union, sending its shares to a record low. The company said it expected transaction levels this year to be 6 per cent lower than in 2015, with its retail and London businesses suffering in particular, and transactions could well be lower again in 2017.

“The lack of visibility on what leaving the EU means people are delaying making decisions and I don’t really think that’s going to change in the short term,” CFO Jim Clarke said. (Reuters)