Lambert Smith Hampton

30% of Countrywide branches remain closed as revenues tumble

Countrywide has revealed that its network of branches is still not fully open with nearly a third remaining closed six weeks after the housing market reopened. The company says it is taking time to risk assess, certify COVID-secure and then open branches with all meetings pre-arranged by appointment only. The Covid crisis has impacted its financial performance too. Year-on-year income and profits are down by nearly 30%, the company has revealed this morning as it updates investors on its first five months of trading this year. The UK’s largest estate agency blames the decline squarely on the Covid lockdown but says the tenant fees ban has also cost it £8.1 million in lost fees. Its revenue has plummeted from £200 million in 2019 to £142 million while profits are down from £10 million to £7.4 million, both year-on-year. Back to normal But its results since the housing market opened are much more hopeful. It says all the company’s vendors are now being offered virtual viewings, and that last week instruction were running at 94% of 2019 levels and 86% of the average in the first 12 weeks of the year and pre-lockdown. Countywide’s sales pipeline has remained resilient with a…