Property website will rise from the ashes

08 May 2009

The knee-jerk reaction is to suppose that any company involved with selling homes in the worst property slump in decades must be bad news.

One of the largest shareholders in this property website presumably thought so, offloading its entire 21pc stake at 155p in February, forcing shares to their lowest ever level of 156.5p.

Analysts were also worried. The site makes its money by charging estate agents a flat fee, currently £325 per office, to list their properties on its web site.

Last year 3,000 offices were closed contributing to a 15 per cent slide in the number registered with the company.

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