Trading at Purplebricks has plunged by 23% over the past six months.
The online-only estate agency said the fall was due to the end of the stamp duty holiday, adding that after “an exceptionally strong” first half the six months to 31 October had been “more challenging”.
Purplebricks added that the transformation of the company’s business model during the period had also caused “disruption”. In a report ahead of the publication of its audited half-year accounts in December, it stated that it expected to see a reduction in instructions from 35,387 in H1 to around 22,000.
Chief executive Vic Darvey said: “Our service proposition remains strong and compelling, with properties selling quickly, but the reduced amount of stock coming to the market is proving challenging.”
He added: “Against this more challenging backdrop, the team is continuing to execute on our transition to the new operating model. We are encouraged by the early results we are seeing on the ground and while they are not yet reflected in the overall group performance, we are confident in the strategy and that we have developed a strong platform for growth as activity levels pick-up. We are committed to our mission of achieving 10% market share by being the go-to-place to buy, sell or let your home.”
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