The property services firm reported the surge in activity in its quarterly trading update, stating the difference in the volume of exchanges was exacerbated by a subdued activity in Q1 2015, as the market showed concerns over the outcome of May’s general election.
The surge in house exchanges is expected to slow in the second quarter of the year, as vendors and buyers wait to see how the EU referendum affects the political and economic landscape of the country and the impact of a Stamp Duty premium on second homes takes hold. The Chancellor’s tax on buy-to-let properties and second homes was implemented on 1 April, levying a 3% Stamp Duty premium on anyone purchasing an additional property after this time.
Chief executive Alison Platt said: “Mindful of the political and economic uncertainty surrounding the EU referendum we are taking a cautious view of the coming months.”
Platt said despite the unpredictability of the months running up to June’s vote, she expects the company to make strong progress this year as it carries out its growth strategy.
Countrywide recently purchased Mortgage Bureau, a brokerage specialising in land and new homes, and acquired a stake in The Buy To Let Business, to enhance its proposition in the buy-to-let market.
