Purplebricks shares dropped by nearly 7% in a single day at the end of trading on the London stock exchange during Friday as the company’s stock continue to weaken significantly despite the hot property market.

Its share dipped from 94p at the start of the day to 85p at the end.

The weakening of its share price was part of an overall exodus from the property sector last week with both and even Rightmove also seeing their share price decrease.

This has been pegged to worries in the City about what happens both when the stamp duty holiday ends on June 31^st and when millions of jobs are put at risk as the government’s job retention furlough scheme begins to be wound down this summer.

Headway

But Purplebricks share woes are more structural. Despite several well-polished trading statements and results recently, and the red-hot property market, the company is still struggling to make signficant headway past its 2019 ‘glass ceiling’ sales listings best performance of 69,000.

This is way off the 100,000 listings it said the company could achieve when Purplebricks floated on the London Stock Exchange.

Its reputation among investors has also not been helped by the puzzling and premature departure of sales chief Chris Beckwith in March.

Consequently, Purplebricks share price has crashed by 15% over the past week and by over 18% year to date.

Investors who bought at the height of the company’s success in mid-2017 when its share price hit £5 are nursing considerable losses at todays’ share price of 85p.