Connells has sold part of its shareholding in Zoopla, and now appears to have a stake of under 3%.

As at December 31 last year, it had a stake of around 4%.

Connells would not detail as to how many shares it still holds in ZPG, but the company told EYE on Friday afternoon: “We confirm the sale of part of our shareholding in ZPG.

“We have a well-established relationship with ZPG and will continue to list our properties with the leading property portals, including Zoopla, to provide the best outcomes for our customers.”

It is the third of the trio of the UK’s largest estate agents to reduce or quit its investment in the Zoopla group in a matter of days.

LSL, Countrywide and Connells all signed strategic partnerships with Zoopla in 2010.

Earlier this month, LSL, parent company of brands including Your Move, Reeds Rains and Marsh & Parsons announced selling 7.8m shares at an average of £3.20 per share. The company continues to hold 3.5m, or 0.8% of Zoopla’s share capital.

It said the proceeds will be used to reduce corporate indebtedness and for other general corporate purposes.

Last week, Countrywide sold the last of its shares in Zoopla Property Group, raising £29.2m. Like LSL, it said that it would use the money to pay down debt and for other coporate purposes.

Separately, as already reported by EYE, chief executive Alex Chesterman has also sold part of his holding, raising £13.8m.

The Daily Mail, whose parent company DMGT owns a 31.1% stake, reported that the highly entrepreneurial Chesterman will “no doubt” be using the money to back start-up tech businesses. He is one of the biggest angel backers of such new enterprises.

Chesterman continues to own over 2% of the issued share capital in Zoopla, the company he founded and whose shares have been trading very strongly on the stock market recently, despite the sell-offs.