Purplebricks PLC gained a new investor last week.
Seneca Investment Managers acquired a 5.23% stake in the company on Thursday.
Purplebricks shares closed on Friday down 4.94% at 36.60.
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What is worrying for Bricks shareholders is that the acquisition of such a large stake was easily accomodated and hadn’t sent the Share price flying ,just a ripple .
In a few weeks time the handcuffs will be removed from Axel and they can make a bid if they wish at under £1 per share
Having only gone private themselves recently coupled with bigger fires elsewhere to put out very doubtful they will now be stepping up to the plate
Meanwhile its Groundhog Day on the frontline
Peebee retweeted this comment earlier
Milly Malaga
”
Replying to
@PurplebricksUK
My house is sstc but I’ve not had a response from my agent since 23rd March. After sales team seem incapable of finding out how my sale is progressing. I want to view another purplebricks property with same agent but no response to a request to view. Never again.”
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Thanks for the mensh, Hillofwad71 – but I would suggest that your own Tweet (which in itself sparked an interesting volley of comments with a chap who suggests he has #Portaljuggled his own property via a High Street Agent to benefit from any post-market freeze bounce) is of far more relevance:
“Over 50% of the 96 listed by Purplebricks on Zoopla yesterday as”just added” were recycled , so anything but .A barometer of the high number of fall throughs taking place in the market currently ?.One thing is for certain they aren’t going to be paid twice.”
‘bricks #RElistings ratio January 19 – March 20 ran at 19.28%. April and May (so far) has seen that ratio increase to a ridiculous 46.15% – and May in isolation is currently running at just under 49%.
So near as darnit half of what we see “Just added” to Zoopla on a daily basis is a rinse’n’repeat listing – some as old as 2016 and many having been #RElisted one more than one occasion previously – which investors or potential homesellers probably won’t realise… unless they wonder why there’s snow on the ground in the listing images, which might make them think a bit.
And if – and I stress the word “IF” – someone was to choose their selling Agent, or where to invest a few quid of hard-earned ‘spare’ cash in the hope of making a little easy money off the back of it… and Zoopla tells them that the PurpleOnes are “listing” like there’s no tomorrow even in the throes of a pandemic…
…I’ll leave that parked there.
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>So near as darnit half of what we see “Just added” to Zoopla on a daily basis is a rinse’n’repeat listing – some as old as 2016 and many having been #RElisted one more than one occasion previously
Are these the general figures or specific to PurpleBricks? If just PurpleBricks, what are the figures for the industry as a whole? Are there any agents with a higher percentage of new listings being ones returning to the market? If so, which ones?
I would imagine there are some with 100%! You would think that there would have been many chains breaking down over the last weeks. Perhaps this is a factor?
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I would imagine there are some with 100%!
Now support such a statement.
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Woodentop are you aware of a blog dodgy london agents?
There was evidence on there that manipulation of the listings was rife.
Are you telling me you can’t see the scenario where an agent has no new listings but puts their fall-through on as a new one? Would you not say that was a good possibility?
Just taken a quick look at new listings on Zoopla and there’s one listed with March & Parsons. A 3-bed maisonette in Wynford Road, N1.
Another listed by Auserberry in Ansmede Grove, Blurton, ST3. A 2-bed semi.
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1 or 2 isn’t 100%. Hence my question. Do agents do it, some certainly do but on all, never seen it. Your comments seemed more in-line with a brazen over exaggeration attack on agents.
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“Are these the general figures or specific to PurpleBricks?”
The latter. The article is specific to Purplebricks; so was Hillofwad71’s post and Tweet I referred to. As for industry-wide statistics – I would say your guess was as good as mine… but I’d respectfully suggest it won’t be.
“You would think that there would have been many chains breaking down over the last weeks. Perhaps this is a factor?”
A chain breaking down is no excuse to #RElist a property as if it is new to the market – it is not.
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PeeBee: “As for industry-wide statistics – I would say your guess was as good as mine”
I think it’s pretty common practice by the looks of it. Just found an article on the extent this of this and it’s pretty darned extensive. It’s an article entitled “Is relisting done by a few rouge agents” on a blog “dodgy london agents”.
It lists 62 culprits in London alone and states “So I looked at the 100 agents with the most listings across North London (N1, N4, N5, N7, NW1 and NW3). For each agent I gave myself 1 minute to find an example of a relisted, manipulated or very Old listings. What I found was that 62 out of these 100 agents had engaged in one or more of these practises.”
That’s 62% of Agents using that sample.
Another quick look at the most recent additions to Zoopla and I see a 3 bed terraced listed by Burchell Edwards in Audley Road Birmingham B33 which is not a new listing. Also a 2-bed flat listed by Connells in Plantation Close Bushey, WD23. Also a 4 bed semi-detached listed by Proffitt & Holt in Stanbury Ave, Watford WD17. That took just a couple of minutes.
Looks like the practice is rife.
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“That’s 62% of Agents using that sample.”
A sample from fourteen months ago is hardly reliable. Neither are three examples you’ve fished out of potentially 000s – even if it did only take you a couple of minutes.
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You should also note that the blog relates to Lettings Agents only – not sales which is the topic of debate here.
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Well… from what I can see their “investment” ain’t looking too healthy – another 3.28% down today and it’s only 10.30.
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It’s not their money, its not their investment, it doesn’t matter a jot. A lot of little investors are getting a *******- they obviously care but there isn’t anything a single one of the can do as an individual or a group.
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Err, bit of gentle advice Robert, I would recommend substituting ‘ ******* ‘ for ‘ pasting ‘ 😉
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Thanks for the advice but pasting does not even come close to what is happening to anyone who has followed advice to save in anything that is managed by someone else.
The industry is sighing with relief it can return to work, what it hasn’t realised is the implications of the fall in the value of funds and how that impacts on their client base If the markets do not recover S24 will look like a parking ticket.
I used the most accurate word I could think of.
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Are they still a thing?
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People with money to burn are looking at gambling with low share prices available. They didn’t do much homework … the companies financial history should have suggested this is a big gamble to go with and the investment is based on a full recovery? Every other similar model has failed, as was PB before Covid-19 provided a double whammy. The public have not bought into returning to the market to pay up-front with little people moving and will be flat for 2 to 3 years with no vaccine. The smaller agents can tread water, the likes of PB can only survive with continuing revenue coming in … that isn’t happening. PB model is probably the one that the public will stay clear of in the future …. the public have wised up.
The recycling of properties as ‘new instructions’ is illegal. WEB portals are liable for aiding and abetting, so they better get their acts together for the practice stands out in the sunshine.
Misrepresentation is a fasle statement of fact that induces a person into a contract. The vendor could also be laible? There was some years ago a OFT ruling that agents can only claim a “New instruction” or “New on the market” with a time limit of three to four weeks maximum in advertising.
Property Ombudsman: Agents are legally bound under the Consumer Protection from Unfair Trading Regulations 2008 to describe a property truthfully and provide material information to allow potential buyers to make an informed transactional decision.
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“There was some years ago a OFT ruling that agents can only claim a “New instruction” or “New on the market” with a time limit of three to four weeks maximum in advertising.”
This is a link to the current ruling – which also covers the #RElisting of a property, released by ‘Primary Authority Partnership’ (Warwickshire TS / propertymark / TPO) in 2016 updated April 2020:
https://www.propertymark.co.uk/media/1043183/how-and-when-can-a-property-be-advertised-as-new-to-the-market.pdf
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Good boy, nice to see someone else knows what is what. There should be a few agents shaking in their shoes but I doubt it will be PB and Co as they are so blatant at it. NTSEAT should have taken action long ago …
https://www.theprs.co.uk/news/estate-agents-warned-over-portal-juggling-1
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Just goes to show……
The “Investor Virus Pandemic” continues to puzzle with the classic symptoms still clearly evident.
Purple coloured Investors still react the same when tested as follows…..
When shown a normal **** they remained stable.
However, when shown a purple coloured “Digital ****” they reacted with euphoria and immediately starting investing their money.
Professor William Connolly of Glasgow stated…. “They’re feckin mad, **** all can be done for them, they can simply go and **** themselves!”.
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