Estate agency group Countrywide made a £212m loss in 2017 in what it admitted was a ‘disappointing year’.
In the wake of the failure the group scrapped its digital offering and determined to build a ‘detailed recovery plan’ by going ‘back to basics’.
A third of the jobs at its 450-strong central office are under threat.
Nakul Sharma, chief executive of property management company Hostmaker, said: “With Brexit making tenants and buyers nervous about committing to long term tenancies, it is unsurprising to see traditional estate agents struggling.
“Conventional estate agents like Countrywide, as the largest estate agent in the country, is slow to tap into major trends in the rental market.
“We have witnessed an increase in demand for flexible tenancy solutions, with freelancing, flexible working and remote working becoming increasingly popular amongst workers.
“The old real estate market simply cannot cope with these modern demands as their service offering is limited.”