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Features
Was it all purple? Who were the 2017 property industry winners and losers?
Overall the London Stock Exchange has risen by approximately 7% over the past 12 months although it featured some dramatic drops during February, May and September as Brexit has taken its toll. These have been mirrored within the property industry as both Brexit but also several much reviled government initiatives including higher Stamp Duty and the fees ban, have been announced. And the ten property sales and letting companies that list on the two main stock markets in London – the LSE and AIM – have been part of this story. Here’s how they’ve fared. Share prices Purplebricks – up by 152% After a stunning start to the year which saw its share price rise from £1.50 to £5.13 by August, a recent BBC investigation, several ASA reprimands and problems with review sites, investors have cooled their ardour for its stock, which finishes the year at £3.78p – but still 152% up on January. Savills – up by 41% While everyone’s been talking about Purplebricks, Savills share price has been skyrocketing without too many people noticing, up from £6.88 in January to £9.71 today – an increase of 41%, helped mainly by its global exposure to both booming commercial and…
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Latest property news
Purplebricks shares drop by 6% following BBC investigation
Shares in hybrid estate agent Purplebricks dropped by nearly 6% following the BBC’s Your and Yours programme in which the company’s CEO Michael Bruce defended claims that it had made misleading claims to customers. Following the programme, which was broadcast at a 12.15pm yesterday on Radio 4, the Purplebricks PLC share price dropped from a high of £4.78p to £3.92p before rallying at 4.38p. Purplebricks’ share price has been dropping since July 24th when it peaked at an all-time high of £5.13p, but today has been one of the more dramatic drops, dipping by 5.77% or 26.9p in one afternoon. On 5th July Purplebricks faced criticism from the Advertising Standards Authority following a complaint from West Sussex estate agent Arun Estates, which had complained to the ASA about ‘fees saved’ case studies on the Purplebricks website which it believed were misleading under ASA advertising codes. The complaint was upheld. During the You & Yours programme presenter Winifred Robinson claimed the hybrid estate agent has been making “exaggerated claims that it’s already been banned from making by the advertising regulator” in emails to existing and potential customers seen by the BBC programme Watchdog. Purplebricks has been censured six times over the…
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