Purplebricks is taking a relatively long-term view of its UK profile, clearly thinking they have a sporting chance of winning the battle for supremacy in the UK property agency market.

Stock in most of the leading estate agency groups and many house builders took a tumble yesterday as City jitters over Kier announcement spread.

Following shock announcement by Purplebricks that it had ditched its founder CEO and exited Oz, consequences ripple out into the City.

Toscafund is to offer 600 shareholders in eProp 50p a share but says something must be done about ailing online-only part of business including possible closure or sell-off.

The hybrid agency's stock rallied by 5.2% yesterday to nearly £1 a share on the back of speculation about its future.

Francisco Partners is thought to be considering a purchase of the ailing hybrid agency's UK operation only.

Company says former No.2 at the business is to work at creating a new strategy for the hybrid agency in America and stem its huge losses there.

Toscafund has backed HouseSimple and EasyProperty in the past but has now increased its shareholding in Purplebricks.

Phil Spencer says cost isn't everything when choosing an estate agent to sell a property, as he launches podcast guide for homebuyers.

News that founder Michael Bruce had left Purplebricks and its Australian operation was to close send stock into a tailspin.