Online agent’s UK takings doubled

REVENUES at online estate agent Purplebricks have more than doubled as it makes inroads into the UK housing market.

The company, which was set up in 2014 and tempts customers to desert traditional high street agents by charging a flat fee, said firsthalf revenues jumped 150pc to £46.8m.

But losses widened from £6.1m to £8.2m as profits in the UK were wiped out by mounting costs in Australia and the US.

Purplebricks shares fell 8.9pc, or 35.25p, to 361.75p – leaving investors including fund manager Neil Woodford and founders Michael and Kenny Bruce, aged 44 and 42, nursing losses.

The value of Woodford Investment Management’s 28pc stake fell £20m to £285m while the Bruce brothers’ holding fell more than £12m to £177m. The stock listed at 100p two years ago.

Michael Bruce said: ‘Purplebricks has been able to outperform its peers, delivering rapid growth and market share gains.’