Countrywide plc has revealed today that its pipeline through the lockdown period has remained resilient at approximately £50 million and remains ahead year-on-year.
Having shut its network of 731 high street branches, the group has 78% of its people on furlough under the government’s Coronavirus Job Retention Scheme. All non-furloughed staff earning above £45,000 took a 20% reduction in salary.
The chairman and non-executive directors volunteered to take a 33% reduction in salary, with effect from 1 March 2020, and the group’s executive team and leadership team agreed to take a 20% reduction in salary from 1 April 2020. These reductions will be for the duration of the period during which the group is participating in the Coronavirus Job Retention Scheme.
Exchanged income during the lockdown period is running at an average of 33% per week compared with the average for the first 12 weeks of the year. Mortgage and protection consultants continue to be able to work remotely, with exchanged mortgages during lockdown running at 68% of the average for the first 12 weeks of the year, with a mix towards remortgages rather than new purchases.
Total renewals and new lettings together are running at 48% per week compared with the average for the first 12 weeks of the year.
In order to provide additional liquidity, the group has begun to explore the availability of funding available to large businesses under the Coronavirus Large Business Interruption Loan Scheme.