Purplebricks fees ‘set to jump £1k next month’
The fees in London are reported to be leaping by £1,000 as the agency strives to balance the books.
Purplebricks is planning a hike in its fees as the struggling agency continues its battle against financial woes.
Upfront fees in London and the South East are reported to be rising next month from £1,999 to £2,999.
A £2,499 package that includes accompanied viewings is set to increase to £3,999. The fees for outside London are also set to go up, The Times reports.
Helena Marston, Purplebricks chief executive, confirmed the fees are set to rise: “We constantly review our prices to ensure we offer the best combination of value and an ever-improving service.
“Prices are expected to increase modestly at some stage during the first half of 2023, so customers have an opportunity to lock in exceptional value now.
“Even after the planned price increases, our fees are expected to start at around £1,349 and be capped at a maximum £3,999, irrespective of the value of your property,” she says.
“We continue to save our customers thousands of pounds compared to the high street and deliver superior results, completing on 80% of everything we take to market compared to the high street average of 65%.”
Convincing vote
Purplebricks chairman Paul Pindar saw off a challenge from rebel investor Adam Smith of Lecram Holdings just before Christmas, with a convincing vote of confidence by shareholders.
Last month, the agency’s half-year results revealed a 16% drop in revenue, a 38% fall in gross profits and a rise in operating loss to £11.7 million. Currently, the share price stands at just 9.39p.
It launched a campaign in December to persuade sellers to put their property on the market and beat the spring rush.
A new CFO was appointed in October, with Dominique Highfield replacing Steve Long after less than a year in the post.
Here we go again, time after time over the decades ‘cheap Jack’ agents thinking they can reinvent the wheel & provide a Rolls Royce service for the price of a skateboard. It’s a tired old gimmick that always fails & despite its big money backers PB is no different. Low fees are a one trick pony & without them they have nothing else to offer.