Falls in share prices over the last year have wiped off more than half the value of Countrywide, half the value of Foxtons, and some 40% off the value of LSL.

Savills’ share price has performed better but even so has fallen to the extent that nearly 29% of the value of the company has been wiped off.

Countrywide’s fall in value is the most jaw-dropping at £614m in the last 12 months.

Last July 27, its shares were priced at 528.5p, and on Monday were 244.6p – a 53.72% decline.

The current value of the company is £529m, compared with £1,143m a year ago.

On July 27 last year, Foxtons share price stood at 236.6p. The share price on Monday was 118.94p – a fall of 49.73%.

The current value of the company is £327m, compared with £650m a year ago.

On July 27 last year, LSL’s share price was 389.5p, and at the start of this week was 231.25p – 40.63% down.

A year ago, LSL was worth £399m, but two days ago was worth £236m.

Savills’ shares on July 27 last year were trading at 956.5p, but on Monday were 680p, a 28.91% drop.

This gave Savills a valuation of £950m, compared with last year’s market capitalisation of £1,337m.

Meanwhile, Purplebricks – which we cannot compare with last year as it did not float on the stock market until December – has seen its shares up 40%, or by £96m, as at Monday (before drops yesterday). Its market cap is around £342m.

Russell Quirk of eMoov, who did the number crunching, said: “Investor sentiment believes that the estate agency incumbents are vulnerable to new business models.

“If businesses in the high street fail to prepare and strategise for the future as driven by the consumer, then they will simply not perform adequately in the long term. Those like Foxtons that simply refuse to even acknowledge the change that is taking place are really going to be hit hard. We’re seeing that now in their valuation.

“The City is ruthless in its expectations of shareholder value and agility in tackling ‘what’s next’. The estate agency establishment is therefore a sitting duck whilst it procrastinates.

“No matter what the industry think of growth businesses like ours that burn cash whilst building technology, teams and brand, they are seen as ‘value’ as far as institutional investors are concerned.”