16 Dec 2016 09:29
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Don't have an account? Click here to register.Almost 1,000 estate agents 'unlikely to still be trading' in three years
Wed, 11th Jan 2017 14:31
(ShareCast News) - As Foxtons revealed details of its troubled 2016 and warned of continued harder times in the year ahead, new analysis of the housing sector confirmed increasing levels of financial distress among UK estate agents.Nearly 1,000 estate agencies could be wiped out over the next three years, according to professional services firm Begbies Traynor.New analysis from Begbies' 'red flag alert', which monitors levels of financial distress across the UK economy, 2,893 UK estate agents were experiencing financial distress at the end of December 2016, up 13% from the same stage last year.These businesses all have at least one 'red flag' against their name, which Begbies said was a warning sign "that indicates around 33% [of the near-3000 agents] are unlikely to still be trading in three years' time".Estate agents in London have seen the most marked increase in distress over the period, the firm said, with the number ending the year in weakened financial state rising 19% to 980.London-focused Foxtons on Wednesday revealed adjusted operating profits had fallen 46% last year, with sales in the fourth quarter slumping 25% and group revenue for the year down 11% to £133m.Management warned that trading conditions were likely to remain challenging in 2017, with 2017 volumes expected be below those in 2016.Julie Palmer, a partner at Begbies Traynor, said: "From April's shakeup of stamp duty and the recent clampdown on letting agent fees revealed in the Autumn Statement, to the phasing out of Buy-to-let tax relief from April 2017, the sector can't seem to catch a break."Despite continued house price resilience, estate agents, especially those in London, have had a particularly challenging time, impacted by low transactional volumes, weak buyer and seller confidence, as well as fierce competition from online rivals such as Purplebricks, eMoov and Tepilo."
More News
15 Dec 2016 16:42
Countrywide considering sale of commercial property business
(ShareCast News) - FTSE 250 estate agency group Countrywide confirmed on Thursday that it is undergoing a strategic review in relation to its commercial property arm, Lambert Smith Hampton. In a brief statement in response to earlier press speculation, Countrywide said it is considering a potential
Read more25 Nov 2016 20:13
FTSE 250 movers: Paragon Group jumps, AMEC sinks
(ShareCast News) - Paragon Group led to the upside on the back of a positive endorsement from broker Jefferies. Analyst Phil Dobbin said: "Paragon is evolving from a securitized non-bank lender to a more diversified retail funded banking group. We believe that the company has the ability to gain mar
Read more24 Nov 2016 16:41
London close: UK stocks subdued on US Thanksgiving as resources in focus
(ShareCast News) - UK stocks were in cautious form all day Thursday, with global markets generally subdued as traders in the US put their feet up for a Thanksgiving break. The FTSE 100 closed up 0.17% to 6,829.20. The FTSE 250 ended the session down 0.18% to 17,590.62. On the blue-chip upside, seve
Read more24 Nov 2016 07:34
Countrywide tumbles to new low on Brexit profit warning
(ShareCast News) - Estate agent Countrywide warned that operating profits will be lower than expected for the full year, due to a "tough" residential market as a result of a change in stamp duty and the EU referendum. The FTSE 250 company said due to reduced transactions in the second half of the ye
Read more23 Nov 2016 09:24
Estate agents stung by Chancellor's ban on letting fees
(ShareCast News) - In his Autumn Statement, Chancellor Philip Hammond announced he planned to clamp down on letting agent fees, sending estate agents shares lower on Wednesday. Shares of companies in the sector were sharply lower in early trade, with Foxtons were down 9%, Countrywide losing 5% and L
Read more25 Oct 2016 10:11
Broker tips: Howden Joinery Group, Segro, Countrywide
(ShareCast News) - Howden Joinery Group shares dropped on Tuesday as Berenberg lowered its recommendation on the stock to 'hold' from 'buy' and cut the target price to 450p from 550p. Berenberg said the supplier of kitchens and joinery products is seemingly one of the most exposed companies in its U
Read more25 Oct 2016 10:10
Tuesday broker round-up
(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal
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