Purplebricks Group (AIM: PURP) amazing growth but the valuation still looks a bit crazy!
Management talks of a ‘seismic shift underway in the estate agency market’ and while we are all in favour of a wholesale change to this status quo and commend their offering it’s a struggle to see how one business can be an outright winner where there are so few barriers to entry, which PURP’s current valuation surely implies, and a growing number of rivals – think easyproperty.com, emoov.co.uk, tepilo.com, urban.co.uk, housesimple.com, housenetwork.co.uk etc
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