North West trial sees Purplebricks launch money-back guarantee

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Online estate agency Purplebricks has unveiled a new money-back guarantee for buyers following a successful trial of a new pricing structure in the North West.

In a market update this morning the group said it will reimburse customers their upfront fee payment if they do not sell their home.

Currently, Purplebricks charges upfront and deferred payment of up to £999 outside of London, while the London-and-surrounding-areas fee is £1,499.

All fees are charged whether the vendor’s property is sold or not.

CEO Vic Davey said: “We are excited to be announcing the conclusion of our pricing review this morning, following a successful trial in the North West.

“The Group has responded to a changing market and we are delighted to offer customers an option of reimbursement of their upfront fee payment if they do not sell their home.

“This illustrates our commitment to giving customers the best service at the best price and we are very excited about the growth opportunity this new initiative will drive over the next few years.”

The group also announced it has swung back into the black thanks to a buoyant housing market.

Revenues were up 13% to to £90.9m for the year to 30 April 2021, that’s up from £80.5m in the previous year.

During the period instruction increased by 14% to 58,043.

Group profit from total operations for the year stood at £6.8m from a loss of £19.2m in 2020.

Davey added:  “We’ve had a strong year and I am particularly pleased with our revenue growth and operating profit, as the Group continues to grow from strength to strength.

“This great performance has been achieved in the shadow of the Covid-19 pandemic, and it remains a great source of pride that Purplebricks has come through the year stronger than ever.”