Falling sales and the lengthening time taken to sell a home is hurting traditional estate agents
Plot the share price of Purple Bricks against Countrywide over the past few years and it tells you all you need to know about where estate agency is heading.
Purple Bricks, the internet upstart offering fixed-price home selling for £849, has seen its share price more than quadruple from 95p at its start of trading on 18 December 2015 to 422p now. On that same day shares in traditional estate agency Countrywide were changing hands at 400p. Today they are 113p after yet another warning about disappointing profits.
When it comes to estate agents, the future could be purple