London property market hit by Brexit, Countrywide says

Estate agent Countrywide says its London residential business has slowed down as a result of the uncertainty created by the Brexit vote. The owner of brands such as Abbotts and Hamptons reported a 9% annual increase in revenue in the six months to 30 June period to £370m (€440m; $488m).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were down 8% to £38m, mainly due to one-time investments to expand the company.

"We saw a slowdown in our retail and London residential businesses [in the second quarter] and, since the EU referendum result this has become more marked in London, the South East and expensive prime markets," Countrywide chief executive Alison Platt said in a statement.

"The rest of the country has fared somewhat better and our Lettings business and mortgage trends have been largely unaffected.

"This period of uncertainty will inevitably impact the level of transactional activity in the second half of the year and, although it is too early to quantify accurately, we will not meet last year's result at the EBITDA level," she added.