Purplebricks in European launch as it teams up with Germans

Online estate agent Purplebricks is expanding its empire into Europe after striking a joint venture with German giant Axel Springer on Monday.

Purplebricks has teamed up with the Bild publisher to buy a 25.9% stake in German online estate agent Homeday, tapping into a fast-growing market in Europe’s biggest economy.

The UK firm, which has launched in Australia, Canada and the US since floating four years ago, is paying €12.7 million (£11.2 million) for a 12.9% stake in Homeday.

Its foray into continental Europe comes as the property market at home has been hit by lower household spending and uncertainty over Brexit.

Homeday launched in 2015 and now has nearly half of Germany’s fledgling online market.

The duo also have the option to increase their holding to 54.4% next year.

Purplebricks shares added 3%, or 6.1p, to 224.1p.

The firm said current trading was also in line with expectations despite a tough market.