Purplebricks share price at all-time high as traditional agents flounder

The stock market appears to be continuing its love affair with Purplebricks, as the hybrid agency share price rose once again yesterday to close at a record high of 193.00, which is a rise of around 6.6 per cent in one day alone.

The price surge came after a Purplebricks tweet to the public saying: "January has been a record breaking month for valuations and instructions, so if there's a right time to start your property search it's now."

Purplebricks’ shares started trading at 100.00p just before Christmas 2015 and like many traditional agencies its price was buffeted by the turbulence of last year’s stamp duty and Brexit announcements. 

However, a renewed burst of life triggered by the government’s proposed ban on letting agents’ fees levied on tenants in England, and recent expansion of the Purplebricks offer in Australia, have sent the share price rocketing - in sharp contrast to many other publicly-quoted industry players.  

Countrywide ended the day at 175.21, a little above its lowest-ever figure recorded earlier this month when it had slumped to 170.00 - even so, the troubled agency group’s current share price remains a fraction of the 686.50 it recorded back in 2014.

LSL Property Services closed up around 0.2 per cent at 211.00, far below its 52-week high figure of 335.75. Foxtons is also languishing at 93.47, a shade below its opening figure and far below the heady days of early 2014 when it reported a share price of 398.00.

Amongst the portals, Rightmove closed down slightly at 3,919.00 but Zoopla was narrowly up - closing at 350.84 - on news of its latest agency returnees announced just ahead of the second anniversary of the launch of OnTheMarket.