Share prices of estate agencies and property companies plummeted yesterday as tensions continued to rise following the Russian invasion of Ukraine.
Purplebricks – having already rendered a series of record low share prices in recent weeks – dropped further still and at one point a share in the firm was valued at just 17p.
It’s been well-documented that the agency has lost well over 95 per cent of its value on the AIM part of the London Stock Exchange after a series of senior management departures, a loss of market share and a crisis caused by its failure to abide by mandatory lettings procedures.
At least yesterday it was not alone amongst property companies to perform badly as stock markets worldwide shuddered following the news of the Russian invasion.
Winkworth, The Property Franchise Group, LSL Property Services, Rightmove, OnTheMarket all fell – the highest percentage drop, over seven per cent at one stage, appears to have been suffered by Foxtons, perhaps uniquely affected if sanctions against Russia go on to include restrictions on the ownership of residential property in central London.
https://www.estateagenttoday.co.uk/breaking-news/2022/2/purplebricks-share-price-hits-new-low-as-agency-values-plummet?source=newsticker
