Strong performing Purplebricks unveils money-back guarantee offer if homes don’t sell

Purplebricks sign

A buoyant housing market has pushed online estate agency Purplebricks into the black.

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 instructions 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.

The group has also been trialling a new fee structure in the North West and today announced  it will return vendors’ upfront fees if the agency fails to find a buyer.

Vic Darvey, CEO, 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.

“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.”

He added: “Most importantly, today we present Purplebricks 2.0 and I believe that we now have the right management team, right strategy and right technology to continue to grow the business.

“With a simplified proposition and our new pricing structure in place, I am confident that Purplebricks is well placed to gain market share and to accelerate revenue growth and drive progress towards our medium-term targets.  I would like to thank all colleagues for their efforts over the last year and look to the future with considerable optimism.”