Estate agents’ patter typically deserves a sceptical ear.
The online estate agency Purplebricks has taken off like a rocket this year, boosted by expansion into Australia and America. Since floating at 100p in 2015, its shares have soared to 444p, making it worth £1.2bn — remarkable given that it has never made a penny of profit.
Founded in 2012 by brothers Michael and Kenny Bruce, it has prominent backing: Neil Woodford owns 27%. Purplebricks claims to save vendors thousands of pounds by eschewing commission, instead charging a set fee — £1,199 in London, £849 elsewhere — whether the property sells or not.
Like all estate agents, you have to take some things on trust, particularly when it refuses to say how many homes it actually