Online Agent Yopa Six Months Ahead Of Schedule On Profitability
Online estate agency Yopa has released a statement saying the company it has reached profitability six months ahead of schedule and now holds “a substantial amount” of cash on its balance sheets.
July showed massive jumps in the number of listings on property portal Rightmove, showing a 76% increase on the number of listings the previous July. The month had the fifth highest share of new listings, behind Purplebricks, William H Brown, Connells and Hunters. Despite having the first largest share of listing, Yopa outperformed all others in terms of the percentage growth in new listings, jumping from 899 last July to 1,583 this July.
Instruction numbers had further increases, to 1,697 in July, a 129% increase from July 2019.
With the industry average of 19 viewings for each property sold, Yopa is below this, averaging 10, however saw record levels of properties selling subject to contract (SSTC) in July, up 23% on June and 77% year on year – further proof of the high demand levels across the industry.
The online agent stated that it’s revenues per instruction had increased by 40%, with estate agent earnings up by 100% year on year.
Chairman Grenville Turner, commenting on the performance, 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%.“As a business, Yopa has moved to profitability six months ahead of schedule. Although it is still early days and we remain in unusual market conditions, we are encouraged that we are ahead of our forecast and have built on this significantly across July. This puts us in a strong position to continue on our trajectory and further boost market share. With agent earnings +100% and average revenue per instruction +40% year-on-year, we have significant recruitment plans in place to help us build on this growth.”