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The tumbling profits of estate agents and housebuilders are a warning that the mortgage industry should change the way it targets the market, according to Premier Mortgage Management managing director John Malone.

Amid profit warnings from Countrywide, one of the UK's biggest estate agents, and mortgage broker Compass Finance, Malone warns that the market should stop concentrating on churning and change its target consumers.

Countrywide, which owns estate agency chains Bairstow Eves,...