Estate agent Lambert Smith Hampton is up for sale

 
Helen Cahill
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Central London House Prices Set To Fall Post-Brexit
Stamp duty changes and Brexit uncertainty have been weighing on the property market (Source: Getty)

Countrywide has put estate agents Lambert Smith Hampton up for sale, according to reports.

According to Estates Gazette, Countrywide are hoping for a sale to close next month and is making the sale through Deloitte.

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Countrywide issued a profit warning last month after its estate agency arm was hit by rising stamp duty taxes and the Brexit vote. It is thought the sale of Lambert Smith Hampton is part of Countrywide's plan to focus on its core business.

Since being bought by Countrywide, Lambert Smith Hampton has bought up six other businesses, including Tushingham Moore, BTWShiells, ES Group and Douglas Newman. The company has 1,200 people working in 35 offices.

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Countrywide shares hit an all-time low following the Autumn Statement, when chancellor Philip Hammond announced he was scrapping letting agents fees.

In a statement on 24 November the company, which owns estate agent brands including Hamptons International and Bairstow Eves, said activity in the residential property market "remained challenged", with a combination of stamp duty and the aftermath of the EU referendum causing transaction levels to fall "significantly below" 2015 levels.

Countrywide declined to comment.

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