Countrywide’s share price fell by as much as 17 per cent at one point yesterday afternoon as investors assessed the latest pratfall by the company – the collapse of its bid to sell its commercial arm.

As we reported yesterday there was an announcement from Countrywide a few minutes before the Budget, prompting industry cynics to say that this was a classic example of attempting to bury bad news.

The announcement effectively admitted that its bid to sell Lambert Smith Hampton to Monaco-based John Bengt Moeller for £38m was dead in the water, with new buyers being sought.

The revelation was described on Twitter as a “shambles” by respected property commentator Peter Bill, the former editor of Estate Gazette.

In a brief trading update released at the same time Countrywide reported a £17m drop in revenues last year and revealed the tenant fees ban had cost it £12m.

Within a few minutes of the announcement the Countrywide share price plummeted from 265p to 220p; it recovered slightly during the afternoon to close at 232.4p, down well over nine per cent.