Once valued at £1.35bn, Purplebricks’ market capitalisation is now estimated at around just £6.7m.

The company’s share price took a heavy hit in early morning trading.

As AJ Bell investment director Russ Mould explains: “Purplebricks saw its share price crash 57% as the ground continues to crumble beneath its feet.

He adds: “Talks over selling the business indicate an offer might be pitched at a price significantly below the value of the company last week and its cash pile is dwindling fast. The future is looking far from bright for the group.”

In terms of prospective buyers, Skipton group chief executive Stuart Haire told BBC Radio 4s Today programme this morning that the company (which owns rival estate agent Connells) had no intention of throwing it hat in the ring as a potential buyer of Purplebricks.

Over the last three months the number of houses Purplebricks has been instructed to sell has not shown the growth anticipated.   There were 5,672 instructions during the quarter, just over half the amount recorded for the same period in 2022.

Purplebricks put itself up for sale in February following a profit warning.

The significant fall in business volumes led the agent’s payment provider for ‘pay now’ sales withholding funds.

The dramatic loss in revenue has put huge pressure on cash and the online estate agent no longer sees a realistic return to profitability.

Purplebricks’ agreement with its ‘pay later’ provider end in April, though it negotiated a short-term extension. Should the group not be able to agree revised terms for the financing to support its pay later offering, it plans to conclude the formal sale process promptly.