Foxtons saw its shares jump more than 10% in value yesterday, in a surprise bounce.

The share price closed at 81.8p, up 10.8%.

The rise came despite several sell ratings from brokers.

Peel Hunt reiterated its sell rating on Friday and downgraded its target price to 55p from 60p.

It also predicted that Foxtons’ EBITDA would drop a further 45% over the next two years, having previously forecast that it would remain flat.

That note came after the estate agent last week announced that it was cutting its dividend by over half with pre-tax profits down by 65% to £6.5m.

Initially, the shares nosedived to finish the week at 78.3p.

However, the share price is now sitting just below the level it was at last Tuesday prior to the results announcement (83.3p).

Most listed estate agents, letting agents and portals saw modest increases in their share prices yesterday.

Only Purplebricks fell, with its share price down 4.4% to close at 397p.