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Online estate agent Purplebricks tumbles over 30% after profit warning

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(Reuters) - Purplebricks shares fell by nearly a third on Thursday as the British online estate agent lowered its full-year earnings outlook, citing a slowdown in newer properties getting added to its platform even as demand remains high.

Purplebricks, which advises on property deals, said it expects instructions from its clients to sell or rent out properties to fall 38% to 22,000 in the six months ending Oct. 31, compared with the year-ago period.

The company's shares were down 32% at 36 pence at 0908 GMT.

"Following a stronger period for instructions last year, supply in the market has fallen as we slowly adjust to a below-normal level of activity following a period of successive lockdowns and the end of the stamp duty holiday," Chief Executive Officer Vic Darvey said.

The housing market has had an exceptionally strong period in the UK, buoyed by a stamp duty holiday and demand from larger houses as more people work from home, but Purplebricks said the six-month period to Oct. 31 has been more challenging.

(Reporting by Chris Peters and Aby Jose Koilparmbil in Bengaluru; Editing by Ramakrishnan M.)

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