CEO of Purplebricks says its sells 77% of its listed houses

Purplebricks boss claims the platform sells a majority of the house it lists.

CEO Vic Darvey made the claim in a recent webcast after Purplebricks’ interim results were announced for the six months to the end of October.

He told attendees, including journalists and City analysts:

“We sell 77% of the houses we list.”

Darvey did not define what he meant by “sell” and numbers were not given as to sales.

However, Darvey said that Purplebricks’ success rate was far better than the industry average of sell-throughs, and that he did not want to change it.

Much of the webcast was in the context of changes to Purplebricks, including its pricing, placing emphasis on sales rather than listings.

Purplebricks recently reported that it now has a 5.3% market share in completions.

Chief Financial Officer James Davies said that this increase was “further proof” that Purplebricks was aligned with customers’ objectives, to sell their homes rather than simply list them.

Purplebricks is to trial a new pricing model in the UK which could mean that sellers pay a higher overall fee – but this would be split into a lower upfront fee and an amount payable on completion. One possible example given was that one-third of the fee could be charged  up-front, and two-thirds on completion.

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