The Mortgage Advice Bureau, which works with hundreds of estate agents in the UK, is to launch in Australia before the end of this year.
It said it intends to set up a new joint venture which will trade under the Mortgage Advice Bureau brand. It is not known who the partner in the joint venture will be.
MAB made the announcement in its interim results, covering the first six months of this year.
Its results showed that half-year revenues rose 38% to £43.1m with pre-tax profits up 34% to £5.3m from £3.9m in the first half of last year.
Broker numbers have also increased by 13% from 2015 to 891 with MAB’s overall market share up by 20%.
Peter Brodnicki, MAB chief executive, said: “After a strong start to the year, adviser productivity eased slightly in the run up to the EU referendum.
“From that point, we saw the usual quieter period in the housing market over the peak summer holiday months.
“Since the referendum, overall written business volumes have held up well, with industry data indicating that the housing market remains relatively stable.
“Our focus remains to continue to grow our market share in all market conditions.”
He went on: “Housing and mortgage transaction volumes overall have been relatively flat over the last two years, and we do not expect to see a material change to that as we look ahead to the next two years or so as the Government manages the exit of the UK from the EU.”
Purplebricks launched in Australia at the end of August.
It is not known who the partner in the joint venture will be.
Well I understand they partner Purplebricks in the UK so we could take a wild guess……..
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Let’s wish them luck with that, then.
A great comment found on PBAustralia Facebook page, in response to a potential customer asking why the cost to Aussie sellers was far greater than that in the UK:
“Getting the best Local Property Experts comes at more cost here…”
Read into that what you will…
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Beat me to it, RealAgent.
I think there’s a subliminal message in the article.
Or if you do a simple company check…
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