Hybrid estate agency Yopa has overtaken one of its key estate agency backers in the top ten rankings by size of Rightmove listings.
The claim has been made by Yopa’s recently-appointed CEO Ben Poynter, who says his business lists more properties for sale on Rightmove than both Savills and Foxtons.
In fact, current listings reveal that the agency has more than both rival estate agents combined; Savills currently has approximately 6,400 properties for sale and Foxtons 5,032. Yopa lists 11,702.
Savills is a key investor in the hybrid agency and has helped raise more than £70 million for the company so far following its launch in late 2015. Although it is a minority stakeholder in the business, it remains Savills’ largest investment in technology to date.
In its 2017 accounts, Savills said Yopa was the 10th largest estate agency in the UK. Poynter says it has since grown to be the 8th largest and aims to be the 2nd largest ‘soon’.
“The Savills’ connection is purely financial,” says Poynter. “Our average property price is the same as the average national one and our distribution of valuations is the same as the distribution of transactions recorded by Land Registry.
“We are marginally over-weight in London and the North West and North East of England but of course we do sell houses at the Savills end of the market.”
Yopa’s most recent fundraising came earlier this year when it bagged £20 million from its existing investors, including Savills and the Daily Mail’s investment arm DMG Ventures.