Purplebricks announced this morning that it is to launch in New York.
The roll-out to the New York designated market area will come in the second quarter of this year.
The area covers 31 counties, with over 7.4m households and over 20m people. It is the largest area in the US, and so marks a huge ambition for Purplebricks. Its launch in the US started in California last autumn.
CEO and joint founder Michael Bruce said: “It is a sign of confidence in the potential of the US business that we are today announcing our expansion to cover both the East and West coast, with our planned entry into the New York market.
“With higher than average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks. “Our local team have an in-depth understanding of the US market and considerable experience of New York specifically.
“Whilst early days in the US we are encouraged by the exceptional quality of the Licensed Real Estate Agents that we are able to recruit, which reinforces our belief that we will deliver a better service for our customers whilst saving them thousands of dollars and delivering attractive returns for our shareholders as the business continues to grow.”
News of the New York expansion comes amid disruption in the UK, with CEO Alison Platt departing Countrywide.
Meanwhile, a heavily trailed trading update from Foxtons was expected this morning but has yet to appear.
Foxtons’ shares start trading today at 74p, according to the London stock exchange, well down from a high of 285p in May 2015.