Estate agent Countrywide (CWD) had a mixed first half. Housing transactions nosedived due to uncertainty over the outcome of the UK general election, driving down cash profits from the estate agency arm by 84 per cent to £1.1m. But diversity in the revenue stream meant that group cash profits were down a more acceptable 9 per cent at £41m.
There are some signs that housing sales are starting to recover, notably in London where total income was down just 2 per cent. Other brighter spots included the surveying business, where cash profits increased by 59 per cent to £7.6m. This growth reflected new surveying business won from Santander and Barclays, which helped to boost surveys completed by 9 per cent, while average fees rose by 6 per cent.