PurpleBricks founder quits after dreadful year

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Online Agency:

Michael Bruce, founder and CEO of the international online
estate agency, headquartered in Solihull, has announced that he is stepping
down from the troubled London stock exchange listed company.

Since late 2017, the PurpleBricks share price has tanked
from over £5 to just £1.26 yesterday, a 65% year on year decline, as the
company continued to buy growth with high advertising spend.

After undergoing rapid expansion into overseas markets, including
the USA, Canada and Australia, the company has confirmed that its operations in
Australia will close due to “increasingly challenging” market
conditions.

The online agency, which has no high street offices, charges
a flat fee payable up-front to market a property. Their fees vary across the
country, with greater London in the £1,399 bracket, and outside of London £899.

Property expert Henry Pryor says that online companies like Purplebricks
and others have definitely made impact and increased price competition, now with
an estimated market share of around 7%.

However, others have cast doubts on the model for the long-term, suggesting that eventually a merger with a traditional high street agency chain may be what’s needed.

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