I think it is fair to say, that it hasn’t been the best couple of weeks for the online budget agents.
First there were the revelations and well documented problems with the second largest online agent eMoov, who are seemingly in financial distress and looking for a buyer.
Only a few days before, the company’s visionary, but controversial chief executive, Russell Quirk openly admitted that the online model wasn’t working in its current guise and not sustainable and that it hadn’t made the inroads into the High Street market share that he and others had predicted.
Meanwhile, Purple Bricks, the largest of the budget agents has seen its share price drop over 60% from its peak around 6/7 months ago, whilst increasing its minimum upfront fee to around £1200 if you include viewings. It is even higher if you are in London [···]