Bruising day on stock market as Countrywide shares hit a new low and Purplebricks falls

Property firms were among those companies which endured a bruising day on the stock market yesterday.

Countrywide share prices hit a new low yesterday, to hover above 10p.

In early trading, they fell over 2%, from 11.4p to 10.6p, although picked up a little at the end of the day to 10.8p.

The London Stock Exchange gave Countrywide a market capitalisation – the part of it publicly listed – at just under £178m.

Purplebricks’ shares fell some 4.8p to under £2, for the first time in almost two years.

They ended the day at 196.7p.

In percentage terms, Hunters were a big faller, down almost 13% yesterday, finishing at 40p. OnTheMarket’s stock tumbled 4.3p, to finish at 122.5p – well below its launch price of £165p back in February, and its high of 181p in May.

Foxtons’ stock looked miserable after falling around 1%, to finish at 49.4p – close to this summer’s record low of 45.5p.

The consistent performer that is LSL saw no change in its share price, and the same went for both Belvoir and The Property Franchise Group.

Rightmove bucked yesterday’s trends with a rise of 2.%, to 447p.

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20 Comments

  1. 40yearvetran08

    Purplebricks is heading towards its true value, somewhere between zero and 10p a share. Just like the dot com boom reality kicks in when after several years of making no money or very little the share price will reflect it and the move in price will be severe and quick. Best get out now.

     

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  2. Property Poke In The Eye

    PB days are numbered, the investors deserve what they get on this one.

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    1. Bless You

      I wish you were right. Due to rightmove support and useless trading standards and inept  industry guardians like naea the public now believe they are free and don’t seem to mind the gamble of pay any way. Iam not sure what we are waiting for with rightmove../ leadership from onthemarket would help.

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    2. agency negotiation

      Except the newly enriched founders. They got what they didn’t deserve.

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      1. Bless You

        Now ploughing millions of duped sellers money into a football youth club to make him popular with his mates. 

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    3. 1TB

      Wow, you lot are afraid of competition!  A company does well, and all you do is slag them off.  If they were not providing a service, which the public did not want, then they would not be the size they are now.  Personally, I think you should get with the times.  Savills have with Yopa.

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  3. Property Poke In The Eye

    Rightmove Shares will tumble once agents show unity.

    So don’t forget the strike!

    **RightMove December 2018, NO Stock, NO Portal Campaign**

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    1. Moveaside01

      Is the RM strike actually happening then? I kind of missed this somehow?

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      1. Bless You

        Same here! rightmove shares will tumble once agents start closing in their hundreds . Stock is dead, brexit has kicked in. Rightmove must think they can make the same from ppricks then from honest agents. I can’t see it though.  On the market need to be promoting the great big switch off!! Get Ian Wright to lead the tv adverts.. (he launched rightmove at the very start) . 

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      2. Property Poke In The Eye

        If all agents unite, then the strike is from the 1st to the 31st December.
         

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    2. Robert May

      Learn something from Margaret Thatcher, strikes are temporary protests that often have little long term impact.  That said the 1991 Journal strike has now been running 27 years and shows what can happen when  competing agent work together for mutual benefit. (i’d guess there’s people  who don’t know one week in, one week out is anything more than routine)

      Reducing back to a basic only package that allows agents to say  “yes we’re on Rightmove…” will control costs long term and as that’s the aim of the strike it’s probably easier to organise and get agents buy into without running the gauntlet of being a cartel (not now Trev, nothing to see here)

      A strike would give negotiation advantage to the reps who will hold anyone who has come off but obviously wants to  go back on to ransom, If you’re smart enough to come off, stay off.

       

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  4. leeblackman70

    Hunters have increased their communications to me regarding Franchising options. This despite them already having an office a few doors down. The same goes for Martin & co and Northwood, the latter have even taken to calling my office now too. Not sure I would be best pleased if I was one of the local Franchise owners.

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    1. Property Poke In The Eye

      We had a mailer from Hunters too.  They already have offices in our area.
      So not sure if the current franchises are struggling and want out, so they may be looking to replace that postcode.

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    2. smile please

      If you run a profitable business why change to a franchise?

      I have never understood it, Open to suggestions.

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  5. Steve Adams

    THIS SHOULD HAVE BEEN A REPLY TO leeblackman70 and PropertyPokeInTheEye
    As a franchisee of one of the companies you mention, I can confirm we are looking to acquire other agents and incorporate them into our business (indeed I have already acquired one local business) and the franchisor is highly proactive in assisting us in seeking and qualifying acquisition opportunities.  If you ask other franchisees I am sure you will find the same, so as a local franchise owner, I am very happy with the support of the franchisor in growing my business (win-win and possibly win-win-win depending on the position on the agent being acquired).

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    1. Property Poke In The Eye

      @Steve Adams  Thank you for the clarification.

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  6. Bless You

    We should’nt be striking,,your right. We should be switching off forever. Agents cant talk to each other in their own area. To competitive and shows weakness.  Onthemarket got everyone in the same room 3 years ago….They need to do it again.  Or get lost, so i can go back to only zoopla for £300 like i did for 10 years before this mess. 

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  7. J1

    Paralysis is starting to affect the market once more.

    Agents should be increasing their fees and providing a better service too.

    The race to the bottom has ended – there is no where left to go now – low fees – high fixed overheads (including portal costs – as most agents are too afraid to change policy) lowering sales volumes, tenant fee ban, the death of referral fees etc etc

    Keep your cash safe at the moment peeps, you will need it.

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  8. J1

    PB down to 190p today ⬇️⬇️⬇️

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  9. Budgie boy

    It goes to show, that you can fool all of the people some of the time, but you can’t fool all the people all of the time. They (PB) are being “found out” and about time too.

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