Countrywide Makes Loss
UK's largest estate agent makes loss for first time in a decade
12th August 2005
Countrywide estate agency has blamed an 'appalling' housing market for it's first trading loss for a decade.
The company, the UK's biggest chain of estate agents, made a loss of £6.4m in the first 6 months of the year, compared to an operating profit of £22m a year earlier.
Countrywide's chairman said that the property market was 'simply appalling' over winter, and that sales in the first half of this year were down by almost a third.
The group however predicts that the market will grow busier once the recent interest rate cut is felt by consumers at large.
Read More: Money Guardian : Countrywide hit by 'apalling' downturn
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