Estate agent Countrywide has admitted its sales malaise in London deepened before Christmas as the top end of the capital’s market took further punishment.
Countrywide’s joint London and premier business saw a 14% fall in sales in the final quarter of the year as “cautious” buyers held fire due to uncertainty over the general election and possible mansion tax and stamp duty reforms.
This all but erased progress in the first half to leave London sales up just 1% for 2014.
Across the UK market sales fell 2% between October and December.
Finance director Jim Clarke said: “If you look at 2015 it is likely to be a tale of two halves — uncertainty in the run up to the election and then a bounceback in the second half. Overall the market should be up a little bit for the year.”
Countrywide should still post record figures but the shares eased 10.65p to 420.55p.
