Two of the UK’s biggest estate agents have reported a plunge in profits as they suffer from the downturn in housing transactions across the country, causing shares to tumble for both groups. Countrywide, which is the largest listed estate agency group in the UK, reported a 98 per cent collapse in pre-tax profits in the first half of its financial year, prompting shares to fall 10 per cent in morning trading. At the same time, Foxtons, the London-based estate agency known for its yellow and green minis and agressive valuations, reported a 64 per cent drop in pre-tax profits. Its shares are down 5 per cent. Countrywide, which owns brands including Hamptons, Bridgfords and Bairstow Eves, said pre-tax profits for the six months to June…

Source: The Times July 27, 2017 11:03 UTC