Property portals haven’t escaped fallout from the Brexit referendum in the UK although traditional property firms felt the brunt of a tumultuous day on the markets.
According to Estate Agent Today (EAT), hybrid agency Purplebricks was down as much as 25 points, or over 15 per cent while both Rightmove and Zoopla took hits.
At midday on Monday Rightmove was down over 350 points, roughly 10 per cent of its value, while Zoopla was down approaching 35 points or roughly 12 per cent of its value.
According to Property Industry Eye (EYE) new Rightmove listings over the weekend were actually very slightly up (1.3 per cent) compared with the same three days the previous week.
Rightmove also told the property industry site it has yet to see any price reductions beyond the usual pattern. Rightmove has however seen a rise in searches for property in Scotland.
However, a spokesperson stressed it was too early to see any real trends, EYE says.
Millions of pounds were wiped off the value of traditional property firms in the aftermath of Brexit however with shares in Foxtons crashing over 22 per cent after it issued a post-Brexit profits warning and almost 40 per cent since last Friday.
At lunchtime yesterday, EYE reports LSL was down 20.37 per cent, Countrywide down 19.36 per cent and Savills down by 6.37 per cent.
It says Purplebricks was down 14.26 per cent, Zoopla by 11.5 per cent and Rightmove by 10.41 per cent.
By close of business, some of the shares picked up slightly.
Foxtons, LSL and Zoopla were much the same by the close as they were at lunchtime, but Countrywide made up ground, down 4.19 per cent, as did Purplebricks, down 9.51 per cent and Rightmove, down 7.26 per cent.
Shares in lettings-focused firms Belvoir and Martin & Co weren’t too badly off, falling respectively 2.34 per cent and 2.51 per cent. Although Belvoir did not move further, Martin & Co ended up 13.98 per cent down.
EYE also reports trading was temporarily suspended in shares in builders Berkeley Group, Crest Nicholson, Barratt Development and Taylor Wimpey as they “went into freefall”.
Since the close of trading yesterday EAT reports the UK has lost its top AAA credit rating from ratings agency S&P because of the Brexit vote; rival agency Fitch lowered its rating from AA+ to AA, forecasting an “abrupt slowdown” in growth in the short-term.
