The Financial Times is reporting that ‘UK estate agent Winkworth has warned profits will fall short of forecasts because of a slump in sales, sending shares in the group down 15 per cent in early trading.’

The article can be read here (subscription may be necessary), and has said that sales are down 20% compared with the first half of the year.  As a result, profits for this year were expected to “fall below market expectations”

However, it also reports that ‘The weakness in the sales market overshadowed a better performance by Winkworth’s lettings business, which benefited as rising mortgage costs forced more potential buyers to rent. Lettings revenue was 20 per cent higher in the first half of the year and represented around half of total revenue.’