By Frank Prenesti
Date: Wednesday 12 Jul 2023
LONDON (ShareCast) - (Sharecast News) - Shares in UK estate agent Winkworth plunged on Wednesday as the company issued a profit warning due to a slump in house sales.
Rising interest rates have started squeezing the mortgage market and Winkworth said this had led to a 20% fall in sales compared with the first half of last year with earnings expected to "fall below market expectations".
Two-year fixed mortgages have already passed those after the disastrous mini-Budget of former prime minister Lizz Truss last September.
The only bright spot for the agent was its lettings business, up 20% in the half, as buyers were forced into the rental market.to rent
"While the directors believe that confidence will return once buyers can access a broader choice of mortgage finance, the outlook for sales in the second half of the year remains uncertain," the company said in a statement.
Reporting by Frank Prenesti for Sharecast.com
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Currency | UK Pounds |
Share Price | 176.00p |
Change Today | 6.00p |
% Change | 3.53 % |
52 Week High | 180.00p |
52 Week Low | 132.00p |
Volume | 3,273 |
Shares Issued | 12.91m |
Market Cap | £22.72m |
Value |
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Price Trend |
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Income |
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Growth |
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Latest | Previous | |
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Q1 | Q4 | |
Ex-Div | 18-Apr-24 | 18-Jan-24 |
Paid | 16-May-24 | 15-Feb-24 |
Amount | 3.00p | 3.00p |
Time | Volume / Share Price |
16:35 | 2 @ 180.00p |
16:35 | 2,235 @ 176.00p |
16:35 | 2,235 @ 176.00p |
14:07 | 6 @ 180.00p |
14:00 | 11 @ 176.00p |
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