Regeneration specialist U+I lost as much as 12% of its share value today before closing down 4.7% at 93.4p after a results warning.
The company announced this morning that it is now unlikely to meet even the lower end of its development and trading gains forecast for this year. The spread of Covid-19 has added to pressures on the company, and it said it now has “no reliable way to predict, with certainty, the timing or value of transactions”.
The market pressure on both online and offline estate agents continued as the pandemic persists. Rightmove closed down by more than 11% after an announcement in which it said that the “speed of the slowdown in the UK housing market has been significant”.
The company said it would be offering its agency, new homes and commercial customers a 75% discount from April, which will run for the next four months.
Foxtons was down 4.4%. The company said it foresees an “inevitable material disruption” to its trading over the coming months.
The broader efforts from authorities to lessen the impact of the Covid-19 spread appear to have had a positive impact on markets. The FTSE 100 nudged up by about 0.7% while the FTSE 250 made a notable gain of almost 6%.
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