Purplebricks eyes major expansion as sales rocket

Purplebricks chief executive Michael Bruce. Picture: Contributed
Purplebricks chief executive Michael Bruce. Picture: Contributed
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Online estate agent Purplebricks is planning a move overseas after reporting a surge in sales.

Revenues rose 448 per cent to £18.6 million as the firm sold and completed £2.8 billion worth of property. Losses ballooned from £5.4m to £10.5m, but Purplebricks said it will be profitable by next year.

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The company also said it will expand into Australia, where chief executive Michael Bruce hopes to tap a £3.3bn market. He said: “In just our second full year of operation we are 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.”