UK Struggles Continue As HomeSearch Cuts Jobs

UK-based Homesearch has announced a round of layoffs as the business looks to offload "a small number" of roles in the business.

Property Industry Eye, The UK's foremost real estate publication, first reported the story after a Homesearch spokesperson confirmed that "Homesearch has entered into a voluntary period of consultation with some employees, with a view to making a small number of redundancies."

Homesearch raised $6.8 million in January from a series A funding round led by Octopus Ventures, but the layoffs are indicative of a struggling UK market: Boomin went bust at the start of the month, while Purplebricks' share prices fell to an all-time low of 10.89p last week. Meanwhile Zoopla entered its third consultation period this year in October.

It's not going to get any easier—the Bank of England has raised interest rates to 3%, the highest since the 2008 recession.