- Estate agency Purplebricks said it had decided to move to a fully-employed model for its sales agents, resulting in an expected rise in costs for the year.

The company, which also forecast higher marketing costs, said the new model would ensure it can scale up quickly to meet consumer demand.

It said it had created a talent pool 'of over 100 of the best agents in the industry who are ready to join it as opportunities arise'.

Purplebricks also had launched new pricing structures in July, including a 'money back guarantee and a 'simplified two-tier proposition'.

It said it expected to incur exceptional non-recurring costs of around £3 million to £4 million in 2022 financial year due to the new employee model.

Ongoing administration costs were expected to be about £1 million higher in the 2022 financial and beyond to support the increased size of the team.

Purplebricks also said its marketing costs in the 2022 financial year would be about £3 million to £4 million higher than previous guidance. Chief executive Vic Darvey said he expected the moves to increase market share and enhance performance in the coming years.

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