Shares in Countrywide tumbled this morning after the UK’s largest estate agent warned that its operating profit has fallen 11% in the first nine months of 2015.

It says in a trading update for the quarter ended September 30  that its full-year operating profit will fall from 2014, its most profitable year.

Countrywide said that sales volumes will end up this year at around 950,000 in total – or 5% below last year –  “as the anticipated post-election recovery in residential transactions failed to materialise in any significant way”.

Countrywide itself exchanged on 48,541 home sales in the first three quarters of this year – 10% below levels for the same period last year.

Last year’s Stamp Duty reforms have also “constrained” moves at the top end of the market, Countrywide said.

CEO Alison Platt said: “While we are undoubtedly experiencing a period of short-term pressure on market volumes, we continue to invest in our underlying business to ensure we have the foundation for future growth.”

She went on: “Against the current backdrop of less than expected residential volumes, Group EBITDA for the nine months to 30 September was 11% below last year.”

At around 10.30am this morning, Countrywide shares were down 12%, standing at 410p from 465p – a two-and-a-half year low.

However, Countrywide is not the only estate agent with losses on shares today: shares in Foxtons, which had already been on the slide, were down 7% at the same time, to 184p, and shares in Savills were down 2%. Shares in Martin & Co and Belvoir were also weak.

Countrywide is due to report full-year results for 2015 in February.