Purplebricks proposes changes to tenant fees

Purplebricks Group confirms that it does not expect the proposed abolition of tenant fees for letting, as set-out in the Autumn Statement of 23 November, will have any meaningful impact on the business.

Tenant fees charged by Purplebricks are modest and highly competitive, when benchmarked against peers.

Up-front fees for tenants are currently £175 (including VAT) outside London and £209 (inc VAT) in London.

Purplebricks does not charge renewal fees.

Purplebricks anticipates that it can adapt the model swiftly and at minimal cost and when combined with its low fixed overhead model and pricing structure, should prove even more attractive for landlords seeking excellent service and better value.

Purplebricks will provide more detail at its Interim Results on 5 December.

At 9:09am: (LON:PURP) Purplebricks Group PLC share price was +3.63p at 112.63p