An analysis of estate agents quoted on the London Stock Exchange suggests that almost all the traditional firms have suffered since the EU Referendum while Purplebricks Group PLC (LON:PURP) has bucked the trend and prospered.
The analysis, by website sellingup.com, 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. The others – Foxtons, LSL Property Services and Countrywide – “are in far less desirable neighbourhoods” according to the analysis.
On the smaller ‘junior’ Alternative Investment Market, known as AIM, the traditional agencies Hunters, Winkworth and Martinco – soon likely to be renamed Property Franchise Group – are also performing less strongly than the other agency quoted on AIM, which is Purplebricks. As has been well documented, Purplebricks – also on AIM – has moved very significantly in the opposite direction. It was 142.5 on June 23 but ended last week, after announced its proposed expansion to the US following a £50m rights issue, at 264.0.