January 24, 2018 / 7:21 AM / a year ago

UK's Purplebricks taps into U.S. East Coast with New York launch

Jan 24 (Reuters) - Online estate agent Purplebricks Group Plc said it planned to launch in New York in the second quarter of 2018, expanding further in the U.S. market, having built a leading position in a fragmented industry at home.

Purplebricks, backed by star fund manager Neil Woodford, said it was recruiting local real estate experts in New York and has established an office in Midtown Manhattan.

“With higher-than-average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks,” Chief Executive Michael Bruce said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)

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