Shares in Purplebricks (PURP), rose more than 5 per cent after the hybrid estate agent confirmed that there has been little effect on trading in the wake of the EU referendum.
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In the 19 weeks to 14 September UK instructions were up 121 per cent year on year, while its share of online business has grown to 65 per cent of the market. Recruitment of local property experts is on course to deliver 360 agents by April 2017 from the current 300. And while the launch of Purplebricks Australia will incur start-up costs of around £10m over the next two years, initial trading has been very encouraging. In fact, the number of valuations in the first two weeks of trading is substantially ahead of the UK business at the same point in its development.