Purplebricks to launch in Florida

RNS Number : 8226B

Purplebricks Group PLC

25 September 2018

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014

 25 September 2018

Purplebricks Group plc

Purplebricks to launch in Florida via Tampa and Orlando DMAs

Purplebricks U.S. now operating in seven states: California, New York, New Jersey, Connecticut, Arizona, Nevada and Florida

Purplebricks Group plc (AIM: PURP) ("Purplebricks" or "the Group"), the hybrid estate agent, today announces its launch into Florida via the Tampa and Orlando Designated Market Areas ("DMA"). This latest regional launch marks the anniversary of the Group's entry into the United States in Los Angeles in September 2018. Since then, Purplebricks has expanded into San Diego, Sacramento, Fresno, Phoenix, Las Vegas and the New York DMA, which includes counties in New York, New Jersey and Connecticut.

The Tampa and Orlando DMAs comprise a total population of circa 5.2 million¹ people and 3.4 million² addressable homes with annual real estate sales of 236,272³ units. Average house prices in Orlando and Tampa respectively are US$321,194 and US$290,415³.

Commenting on the announcement, Michael Bruce, Global CEO of Purplebricks, said: "This is our fifth regional launch since starting out in Los Angeles twelve months ago, and reflects our confidence in the U.S. opportunity and the reception we are achieving state by state. We are encouraged by our progress in the U.S. and excited about the potential in Florida, and we continue to identify new markets in the US where our value proposition can greatly benefit both consumers and agents."

"We are seeing a total cultural shift favouring complete transparency as Americans' faith in a number of professions, including real estate, has dwindled. Our recent research suggests that only 11 per cent⁴ of Americans "completely trust" real estate agents. In response, Purplebricks' offering is designed to give consumers total transparency and control over their home sale, and this is why we are being successful." 

¹ US Census Bureau; ² Nielsen Media; ³ CoreLogic, April 2017 to March 2018; ⁴Online survey conducted by Kelton Global amongst 1,028 nationally representative Americans ages 18 and over, with a margin of error of +/- 3.1 percent.

Enquiries:

Purplebricks Group plc Michael Bruce, Group Chief Executive Officer James Davies, Chief Financial Officer	[phone]
Zeus Capital Ben Robertson, Nicholas How	[phone]
Peel Hunt Dan Webster, George Sellar	[phone]
Investec Keith Anderson, Carlton Nelson	[phone]
Instinctif Partners David Simonson, Mark Reed, George Yeomans	[phone]

About Purplebricks

Purplebricks is the leading next generation estate agency in the UK with operations in Australia, the US and Canada that combine highly experienced and professional Local Property Experts (Local Real Estate Experts in the US) and an innovative use of technology to help make the process of selling, buying or letting so much more convenient, transparent and cost effective. Purplebricks is transforming the way people perceive estate agents and estate agency.

 

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