Countrywide transactions increase following easing of lockdowns

Residential property services provider Countrywide said on Friday that it had lost around 30% of its income due to the Government's lockdown measures, but added that it has seen increased transactions in the housing market following the easing of social distancing rules.

Countryside said income had fallen to £142.5m for the five months ended 31 May, down from the £200m brought in during the same period a year earlier, with the decline principally reflecting the closure of its branches on 23 March, in accordance with Downing Street's lockdown guidance.

Adjust underlying earnings came dropped around a quarter to £7.4m, while adjusted EBITDA margins remained stable at 5%.

However, the London-listed group has already been trading in England since lockdown restrictions were eased, with sales returning to growth over the last four weeks and its closing pipeline down just 12% year-on-year at £47m.

Demand for let properties continued, with applicants per week up 3% on the pre-lockdown average to hit 88% of 2019 levels.

Countrywide, which also stated it was now preparing to re-open branches in Scotland and Wales, said it would continue to actively monitor the effect of the Covid-19 pandemic but said early indicators from trading in England were "encouraging".

As of 0845 BST, Countrywide shares were up 5.80% at 106.86p.