Countrywide first-quarter income drops amid weak London sales

Total group income for the quarter to the end of March 2018 fell to £145m from £162m in the same period a year ago, reflecting the significantly lower entry pipeline in UK and London sales coming into 2018.

Still, the company said it was "encouraged" by the early progress being made in sales and lettings. In sales, it has seen an improvement in both the register of properties available for sale and in its market share of listings compared with the final quarter of last year. In lettings, meanwhile, Countrywide's share of listings is also ahead of the fourth quarter of 2017.

"The group has moved swiftly to restore expertise in sales and lettings following the appointment of Paul Creffield as group operations director in January 2018. Experienced sector professionals now fill all roles at area and regional director level," it said.

At 1215 BST, the shares were down 0.4% to 101.60p.