15th Jun 2018 10:26
LONDON (Alliance News) - Online estate agency Purplebricks Group PLC said Friday it is continuing its US expansion and will launch in Las Vegas, Nevada, and Phoenix, Arizona.
Shares in Purplebricks Group were trading up 2.8% at 366.40 pence on Friday morning.
Purplebricks have appointed Marcus Fleming, the designated broker and owner of estate agency Fleming & Associates, as regional director. Fleming is the former regional sales manager of Redfin Corp.
City residents in Las Vegas, Nevada and Phoenix, Arizona will be able to list properties with Purplebricks from Tuesday.
The group described the real estate markets in both cities as "buoyant" with annual property transactions of 61,000 in Las Vegas and 143,000 in Phoenix. Property prices in both average around USD290,000.
The estate agency had its first launch in September 2017 in California and then expanded into New York.
"We see tremendous opportunity in Las Vegas and Phoenix, as both markets have ideal demographics comprised of consumers eager to buy and sell homes while saving money," said Purplebricks chairman Michael Bruce.
On Wednesday, Woodford Investment Management Ltd increased its stake in Purplebricks from 26% to 27%. The investment fund, which now holds 81.9 million shares in Purplebricks, is headed by Neil Woodford.
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