UK hybrid real estate agency Purplebricks has confirmed its exit from the US market, less than two months after announcing it was closing in Australia.

In the company's end of year results posted on the London Stock Exchange on Wednesday, Group CEO Vic Darvey said the company had taken "the difficult decisions to exit our businesses in both Australia and the US" to focus on Canada and the UK, where they have "a strong established presence and where there are significant opportunities to grow market share and deliver profitable growth for shareholders".

Mr Darvey added that both exits will be finalised by the end of the year.

According to Bloomberg, the company's valuation in the US had slumped 75 per cent since it ventured across the Atlantic in September 2017.

The company reported a full-year operating loss in the country of 34.1 million pounds ($42.9 million), wider than the 16.8-million pound loss a year earlier.

Related Reading: Purplebricks announces exit from Australia

Purplebricks agents work on a fixed fee sales model by which vendors are charged a set amount for each listing.

The company had changed its business model in the US in January of this year to offer varying listing fees and to only charge when a home sold.

RE/MAX Australia and RE/MAX New Zealand co-owner Michael Davoren said Purplebricks would have been left "damaged" from its failed foray into the Australian market.

"They were relying on raising capital and investors do eventually want to see a return," he said.

"There was never going to be a return in Australia and they quickly realised there wasn't going to be one in the US either."

REIA Deputy President Hayden Groves told WILLIAMS MEDIA Purplebricks had been "overly confident that their low fixed fee model would work in markets where consumers demand and deserve top class service". 

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