Purplebricks (PURP) does not feel quite right to me. How could so large a concern omit to remit deposits received from tenants on to the government’s deposit taking scheme in respect of lettings? The fines could be massive. PURP must have known that they were taking this risk. At this point one starts to think darkly. Apparently one can borrow stock too. Given that the basic original idea of fixed small fees to enable sellers to, as they see it, cut out selling agents’ commission is now shown to be profoundly flawed I think it is wise to bet that death has arrived.
Meanwhile, over in the USA, there has been a very marked drop in the meme stocks. Perhaps the Robin Hood punters are giving up. The effect of all this must be counted extremely generally bearish.