UK online agency service Purplebricks has reported robust figures for the year to April 30, claiming to have sold £2.8 billion worth of property with another £1.7 billion sold subject to contract.
The company, which claims 62 per cent of the ‘non traditional’ estate agency market in the UK has reiterated its prediction it will be in profit within this financial year.
Website visits grew to 1.23 million in April this year, compared to 0.4 million for the corresponding period last year and revenues have increased a massive 448 per cent.
It claims a 77 per cent conversion rate, and ended the year with 2,827 instructions in April boasting the achievement is above industry norms and possibly “industry leading”.
By the end of April Purplebricks had 205 Local Property Experts with a recruitment programme in hand expected to take the figure to 245 by the start of July.
In this regard, the company says it is “ahead of its recruitment plan”, closing our financial year with 205 LPEs, an increase of 159 per cent over the corresponding year.
According to Estate Agent Today Purplebricks is also planning to launch in Australia, which it says will represent a £3.3 billion marketplace.
The report says the agency has already recruited an Australian management team and has set a maximum planned investment of AUS$14m – around £10 million – over the next two years.
Purplebricks chief executive and co-founder Michael Bruce says in the company’s second full year of operation it is leading change in an industry that has long been stagnant and is only now waking up to the opportunities and threats posed by technological advance and changing consumer behaviour.
“While others are following we have retained our leading position, with 62 per cent of the non-traditional estate agency market and look to replicate this success in Australia,” Bruce says.
Chairman Paul Pinder adds during the year, Purplebricks evolved from a regional footprint to a full national presence across the UK.
“Our strategy is focused upon deepening this coverage across the UK to ensure we have an ‘ultra local’ presence through the recruitment of more Local Property Experts (LPEs),” he says.