Purplebricks Delays Results Due to Law Violations Affecting Thousands of Homeowners Business

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Online real estate agent Purplebricks delayed the release of its half-year results this morning after putting thousands of landlords at risk of being fined for failing to comply with basic lease law.

As revealed today Telegraph, the company did not properly serve tenants with the documents required by law explaining that their deposits were placed in a national protection regime.

These must normally be provided within 30 days of paying a deposit – and failure to do so can result in tenants claiming up to three times the money’s value.

In an announcement, Purplebricks said the results it was due to release tomorrow would be delayed as it assesses the scale of its potential liability, initially estimated at between £ 2-9million.

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What happened during the night

Asian stocks rose on Monday as investors seemed confident markets can withstand anything that comes from a series of central bank meetings this week, including the likely early end of US stimulus policy.

Omicron remained a concern, but again, markets are relying on vaccines to limit the economic fallout.

The MSCI’s largest Asia-Pacific stock index outside of Japan rose 0.8 percent, after rebounding 1.7 percent last week.

Japan’s Nikkei rose 1% as a survey of major manufacturers found sentiment to be the best since late 2018.

Chinese stocks added 1.4% to last week’s 3.1% jump in hopes of another stimulus following Beijing’s recent easing of bank reserve requirements.

Coming today

Business Update: SThree

Economy: Bank of England Financial Stability Report (UK); factory orders (German)