Purplebricks Group PLC (LON:PURP) plans to launch in New York in the second quarter of 2018, a further expansion in the US market by the online estate agent which also has operations in the UK and Australia.
In a statement, the AIM listed firm, which is backed by star fund manager Neil Woodford, said it was recruiting local real estate experts in New York and has established an office in Midtown Manhattan.
READ: Purplebricks to formally launch its business in the US
Purplebricks commenced its US expansion plans when they launched in Los Angeles in September 2017 and subsequently expanded into San Diego, Sacramento and Fresno in January 2018.
Chief executive Michael Bruce said: “With higher-than-average rates of commission and transaction volumes, New York was the natural first move on the East Coast for Purplebricks.”
READ: Purplebricks' ascent to put the squeeze on Rightmove
Back in December, Purplebricks reported a wider first half pre-tax loss due to increased investment costs but said that it anticipates to record 5% growth in full year revenue due to the continuation of a good trading momentum.