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TODAY'S OTHER NEWS

Purplebricks announces major expansion of its US business

Purplebricks is expanding its US activities by entering the markets of Las Vegas, Nevada and Phoenix, in the state of Arizona.

A statement this morning says both Las Vegas and Phoenix are fast-growing cities with buoyant real estate markets with around 61,000 and 143,000 annual property transactions respectively. 

Average property prices are around $290,000 in both cities. 

From next Tuesday, Las Vegas and Phoenix residents can list their homes with Purplebricks for a flat fee of $3,600 and, upon completion, pay the buyer’s agent commission, which is standard in US real estate transactions. 

The company claims that a local owner selling a $261,000 home would save $4,230 using Purplebricks, compared to paying the standard real estate brokerage commission of five to six per cent. 

This news comes on the back of several Purplebricks launches in the US over the last nine months. 

In September 2017, the Company announced its initial US launch into Los Angeles, with subsequent roll- outs into San Diego, Sacramento, Fresno and New York following in January.

The firm claims that its low fixed costs and hybrid offering ensure that it is “agile and able to penetrate the best-suited markets quickly, including non-adjacent regional and international markets.”

Commenting on the launch, Michael Bruce, group chief executive officer, says: “The Purplebricks model has continued to achieve great results on both coasts by providing excellent service and saving home sellers in California, Connecticut, New Jersey and New York thousands of dollars. We see tremendous opportunity in Las Vegas and Phoenix, as both markets have ideal demographics comprised of consumers eager to buy and sell homes while saving money.” 

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