Purplebricks CEO offers hints on the company's next step

Purplebricks head has announced a huge hint towards the company introducing a new pricing model in the near future

Chief Executive Vic Darvey told the Press Association: “We’re going to start to look at how we evolve our pricing over time because our pricing has been pretty much the same for five years.”

He said: “With any successful business, you need to adapt and evolve your pricing strategy... In certain markets, in certain pockets of the country where houses aren’t moving quickly, there is a moment of hesitation from customers saying: ‘I know I can save £10,000 but actually do I want to commit to an £899 upfront fee when my house may not sell?’”

Purplebricks will be introducing a no sale, no fee fixed price of £1,995 including VAT, probably in the New Year, with the commission structure for Local Property Experts changing.

The firm currently charges £1,399 upfront in London and £899 elsewhere.

Darvey also told the Press Association that Purplebricks has made mistakes: “We were incredibly distracted by overseas expansion. We’ve admitted we made some mistakes.

“I think we’ve been really clear in admitting that we’ve made some mistakes and we need to learn from those.”

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