Countrywide has issued its third profit warning in seven months. The estate agent’s, Britain’s largest, shares dropped to 290p having hit 375p in March. The company said: “Transaction levels are between 25% and 30% below those experienced in the buoyant first quarter of 2004 and considerably less than one would expect.” Countrywide bought Bradford & Bingley’s estate agents for £44 million last October. Reacting to the announcement Russell Jervis, Managing Director of Spicerhaart estate agents, said: “At the time that Countrywide bought the former Bradford & Bingley network, we thought it was a brave move on their part to pay the price that they did. In contrast to Countrywide, our sales have dropped by 10% less, to 17% below last year's equivalent and volume of sale transactions are now rising fast. It is common for the housing market to be a little subdued in the run up to a general election, however it is also common for the market to pick up post election.” (Telegraph)