After the shocker from RICS the other day, here, Rightmove’s (RMV) latest survey of the UK housing market makes for more grim reading. If you are still a shareholder in Purplebricks (PURP), which could not make money in the good times and so must now be spunking cash daily, why do you have a financial death wish?
There is no way that this turd can be polished. It is a turd for housing market bulls. The latest monthly survey from the Royal Institution of Chartered Surveyors (RICS) covering October is even worse than that for September which was itself pretty dire. Those seeing value in anything housing related shares ( Comrade Stacey?) need to take a reality check.
The latest RICS survey is utterly downbeat. Read its outcomes and you do not need to use complex spreadsheets to work out that a) Purplebricks (PURP) must be a zero as housing transaction volumes collapse and b) that shares in the housebuilders are heading only one way and that is due South. The survey is shockingly bad:
The new CEO at Purplebricks (PURP) can drone on about cost cutting, diversity and inclusion all she wants but when you are sailing into a macro-economic hurricane, all small ships will sink. My thanks to reader “ouzo man” for pointing out the latest data from the HMRC.
Some bien pensants like Neil Woodford and top share blogger, Paul Scott, insisted that Purplebricks (PURP) was a long-term disruptor in the Estate Agencies world. The reality? It was a piss-poor way to sell houses, and could only survive in a fizzingly hot housing market. Well, guess what?
