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Purplebricks takes a market hit as country runs out of houses to sell

Online estate agent Purplebricks has taken a stock market hit after it warned it was running out of houses to sell.

The group admitted trading over the last six months has been “challenging” following a pandemic boom in sales.

The Covid-19 market was buoyed by a stamp duty cut – now finished – people working from home, and a demand for a green space outside cities.


The average price of a home in the UK reached £250,000 for the first time.

However, the “wild buying spree” has eaten up the country’s stock of houses for sale.

As a result, Purplebricks expects to make 22,000 sales in the period, a 38 per cent decline year-on-year.

By comparison, it moved  35,387 properties just a year ago.

The shortfall is expected to continue into 2022.

The company’s full-year profits now predicted to be below earlier expectations.

Management issued a trading statement which triggered a sharp share price fall of 40%

It pushed the group’s 12-month return to a disappointing -45%.



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