Countrywide has reported a surge in house sales and revenue for the third quarter of this year – and says that it is looking forward to the next phase of the Help to Buy scheme
Countrywide says it views the scheme as “a credible and well thought-out policy which will benefit the whole of the UK housing market”.
It anticipates a “meaningful uplift” in transaction volumes as a direct result.
Reporting to shareholders on the second quarter since its flotation on the stock market, the firm said that for the three months to the end of September, income was £154.9m, up 12% on the same period last year, with profits achieving “a healthy increase”.
During the period, it sold 18,102 homes, up 13% on the same period last year, and arranged 25% more mortgages at 16.411. On the lettings side, it had 53,069 properties under management, up 21% on the third quarter of 2012.
Countrywide said that total income in the nine months to the end of September was £413.7m, an annual increase of 7%.
The firm is continuing to grow its lettings business, having spent £14m on buying 21 other businesses so far this year, and with another four deals due to complete this month, to cost £5m.
It has also grown its new homes business, with a 23% increase in sales in the first three quarters of this year.
Countrywide chief executive Grenville Turner said: “This is our second interim management statement as a listed company and we are pleased to report further strong progress across our entire group.
“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.”
The group said that across most of the country, and excluding London, house prices remain well below the peak of 2007, despite recent improvements.
It added: “The continuation of recent trends in the UK residential property market coupled with the implementation of the second phase of the Government’s Help to Buy mortgage guarantee scheme is expected to result in a meaningful uplift in market volumes for the second half of 2013, with momentum continuing into 2014.”
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Comments
"The Countrywide Group is uniquely placed to take full advantage of this recovery.”
It's a pity Mr Grenville Turner doesnt have too much to say about the dubious and possibly illegal mortgage selling activities of his company. By employing such tactics it is no wonder the mortgage sales are up 25%. Culture, Mr Turner is driven from the top.
Here's hoping Countrywide will be in civil court soon.