Yopa reaches profitability

7 August 2020 | General

Estate agency Yopa has reached profitability after boosting listings and instructions.

Yopa’s share of new listings on Rightmove jumped 76% year-on-year in July.

Meanwhile its instruction numbers in July were double May’s figures, rising by 34% from June to reach 1,697 – a year-on-year increase of 129%.

Grenville Turner, chairman of Yopa, said: “We have seen growth in instruction numbers across all regions; agents in our strongholds in Scotland and the North of England boosted figures by 30% month-on-month. We have also seen rapid growth in London and the South East, with instruction numbers up 65% on June.

“We put this acceleration down to vendors’ increased willingness to embrace tech-enabled estate agencies both during and post- lockdown. The benefits of our model – including virtual valuations and viewings, contact-free mortgage appointments and fair, fixed fees helping customers save over £4,000 on average – were amplified at a time when the nation needed smart, accessible and affordable solutions to keep moving.”

“The property market weathered the lockdown and rebounded beyond expectations once restrictions were eased. We are also already seeing the results of the introduction of the stamp duty holiday, with Yopa registering an all-time high of 18,500 new buyers in July – a month-on-month increase of 24%.”

Yopa is currently averaging 10 viewings for each property sale.

This post has originally been featured in Property Wire.