Losses have more than doubled in the last year at the UK's biggest online estate agent, Purplebricks.

Purplebricks made a pre-tax loss of £27.3m in the six months to 31st October, up from £11.4m in the same period last year, as reported by The Guardian.

Shares fell by 12 per cent to 131.5p, meaning the company has lost nearly three-quarters of its value from its 2018 peak of 489p.

Purplebricks said it saw no immediate way out of challenging market conditions, but predicted it would emerge more strongly in the future.

The uncertainty of the housing market, has taken its toll on both traditional and online estate agents this year. A direct rival to Purplebricks, eMoov, collapsed last week, while shareholders in Countrywide, previously the UK's largest estate agent, were forced to inject £140m into the company  earlier this year.

Anthony Stick, MD of Belvoir Gloucester, based on Worcester Street said: "Is buying, selling, renting and letting property as simple as buying a box and having it shipped to your home? The online estate agency model is predicated upon this being the case. Investors in Purple Bricks are starting to understand that estate agency isn't a simple transactional business that can be modelled upon the success of businesses such as Amazon".

He added: "We are confident that well managed independent estate agencies that charge a fair price for their services will continue to thrive and evolve in line with legislation and the availability of advanced IT systems, but not at the expense of personal service or price".

This week the Royal Institution of Chartered Surveyors said its monthly market health check showed the number of properties for sale falling for the fifth consecutive month, with Brexit highlighted as the main reason for buyers and sellers holding back.

Purplebricks remains profitable in the UK. British revenues rose by 39 per cent to £48.3m. However, its rapid overseas expansion into the US, Canada, Germany and Australia has hit the bottom line.