An analysis of estate agents who were quoted on the London Stock Exchange suggests that almost all the traditional firms have suffered since the EU Referendum while UK portal Purplebricks has succeeded, reports Estate Agent Today.
Website sellingup.com, which conducted the analysis, suggests that of the four agencies listed on a main FTSE index, only Savills has fully recovered from the bear market since the June 23 referendum. Other agencies - Foxtons, LSL Property Services and Countrywide - “are in far less desirable neighbourhoods” according to the analysis.
Countrywide shares were priced at 351.9 on June 23; at close of business last week, they were priced at 175.25.
Foxtons shares were priced at 167 on June 23; at close of business last week they were 95.11.
LSL shares were 295 on Referendum day; by the end of last week they were down to 193.5.
Purplebricks recently announced it was going to expand into the US market and has raised £50m through a share issue to fund the expansion.