31st Oct 2013 09:33
LONDON (Alliance News) - Countrywide PLC Thursday said it has raised its profit expectations for both 2013 and 2014. The estate agency forecast an uplift in market volumes for the second half and said it expects the momentum to continue into 2014.
Countrwide, which describes itself as the UK's largest integrated property services group, said the acquisition of Lambert Smith Hampton, completed in October, was a factor in its improved outlook, increasing its commercial property exposure.
Countrywide also cited for its confidence the UK government's Help To Buy scheme, which is aimed at helping people who can't afford a deposit but can meet monthly mortgage payments
Countrywide said it expects gross UK mortgage lending in 2013 to be between GBP165-175 billion compared to GBP143 billion in 2012, based on discussions with major banks.
"Market data confirms the continuation of recent trends and we now expect the second half of 2013 to provide the foundation for a strong recovery in market volumes in 2014. The Countrywide group is uniquely placed to take full advantage of this recovery," Chief Executive Grenville Turner said in a statement.
Countrywide said its total income was GBP154.9 million in the third quarter ended September 30, a 12% increase year-on-year. Underlying operating margin increased across all divisions during the quarter, the company said.
Countrywide said it had completed 18,102 house exchanges during the quarter, up 13% from the same period a year ago, and said it is on track with its plan to increase its New Homes business, with a 23% increase in new home sales in the first nine months from a year earlier.
Countrywide shares were Thursday quoted at 579.75 pence, up 3.0%.
By Samuel Agini; [email protected]; @samuelagini
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