Shares in listed estate and letting agents tumbled yesterday, with shares in Foxtons worst hit, as the City twigged that firms will have a loss in earnings.

Shares in Foxtons fell over 10%, while Countrywide shares dipped over 4% and LSL just over 5%.

The fall in the Savills share price was under 1%, Martin & Co 2.4% and Belvoir 6%.

Purplebricks’ shares also fell, by nearly 5%