Purplebricks, the online estate agency, recently announced that it has agreed to sell part of its lettings portfolio to an unnamed buyer. The sale is part of Purplebricks’ strategy to focus on its core business of selling homes.
The sale includes the majority of the company’s UK lettings portfolio, which includes rental properties in England, Scotland and Wales. The company will retain a small number of lettings properties in order to provide a service to existing customers.
The buyer is a specialist in the lettings market and will take over the management of the portfolio. The terms of the deal have not been disclosed, but it is believed to be worth several million pounds.
The sale follows a period of rapid growth for Purplebricks, which has seen its market share in the UK estate agency market grow from 1% to 6% in just three years. The company has also expanded into Australia, Canada and the US.
The move is part of Purplebricks’ strategy to focus on its core business of selling homes. This will allow the company to invest more resources into developing its technology and improving the customer experience.
The sale is also a sign that Purplebricks is confident in its ability to compete in the UK estate agency market. By focusing on its core business, the company can better compete with traditional estate agents and provide a better service to its customers.
Overall, the sale of part of Purplebricks’ lettings portfolio is a positive move for the company. It will allow them to focus on their core business and invest more resources into developing their technology and improving the customer experience. This should help them to continue their growth in the UK estate agency market and compete more effectively with traditional estate agents.