Essex Man helps Countrywide
BRITAIN'S largest quoted estate agent, Countrywide Assured, is enjoying a 'record pipeline of business', its chairman said today as the housing market gathers pace again across the country.
The owner of London agent John D Wood and South East specialists Bairstow Eves and Mann & Co enjoyed its second-strongest month ever for house sales in February, beaten only by October 2002 when six years of rapid house price rises peaked.
Chairman Christopher Sporborg picked out his Bairstow Eves East London operation as star performer again, with strong sales in Redbridge, out towards Braintree and up the M11.
'Essex Man is our salvation,' he said, unveiling a 10% drop in pre-tax profits for 2003, down from £82.8m to £74.2m but about £3m above market expectations.
Countrywide confirmed its promise to return £100m to shareholders with an £85m payout worth 25.8p per share and a final dividend of 4.75p, up 16% on last year, worth a further £15.5m.
House sales picked up strongly from last June following warnings that volumes for 2003 would be as much as 30% down on 2002. In the event sales were 15% lower. 'We were bailed out by house price increases and keeping average commission rates at 1.76%,' said Sporborg.
The average price of homes sold nationwide through the group's agencies rose 23% to £160,000.
