Millions of pounds were wiped off the value of property firms yesterday.

Shares in Foxtons crashed over 22% after it issued a post-Brexit profits warning.

Since last Friday, its shares have fallen almost 40%.

Yesterday, Foxtons warned that its profits for the year to December will be “significantly below expectations”. Analyst Peel Hunt expects Foxtons’ profits to halve to around £21m.

Foxtons shares were not the only ones to tumble. There were other big fallers, led by LSL, while shares in some house building firms were temporarily suspended.

At lunchtime yesterday, Foxtons were down 22.59%; LSL down 20.37%; Countrywide down 19.36%; Purplebricks down 14.26%; Zoopla down 11.5%; Rightmove down 10.41%; and Savills down 6.37%.

By close of business, some of the shares picked up slightly. Savills even finished up marginally by a few pence.

Foxtons, LSL and Zoopla were much the same by the close as at lunchtime, but Countrywide made up ground, down 4.19%, as did Purplebricks, down 9.51%, and Rightmove, down 7.26%.

Shares in lettings-focused firms Belvoir and Martin & Co were largely untroubled at lunchtime, falling respectively 2.34% and 2.51%, and although Belvoir did not move further, Martin & Co ended up 13.98% down.

Trading was temporarily suspended in shares in builders Berkeley Group, Crest Nicholson, Barratt Development and Taylor Wimpey as they went into freefall.