Purplebricks launches in New York, expands Los Angeles operation

Purplebricks has announced to the London Stock Exchange that it is to launch in New York in Spring this year, the second area it has targeted since establishing its US arm last year. CEO Michael Bruce has also revealed that the company has this month also expanded its existing Los Angeles operation, moving into neighbouring San Diego, Sacramento and Fresno. The company says it is targeting the New York area because it has some of the fattest ‘standard’ commission rates in the US at 7%, a high average sale value of $561,000 and a very busy market – transaction rates are double that anywhere else in the States. Michael Bruce (pictured, left), who recently stepped down as UK CEO to grapple with the company’s global expansion, says: “It is a sign of confidence in the potential of the US business that we are today announcing our expansion to cover both the East and West coast, with our planned entry into the New York market. “With higher than average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks. Referring to US CEO Eric Eckardt’s (pictured, right) previous form in the New York property market including…