Savills has claimed that YOPA, the hybrid estate agency it invested in last year, is now a top ten UK agency.
The claim was made yesterday within its preliminary full-year results for 2017 in which it also said its multi-million pound investment into the agency was its largest to date within the tech sector.
Savills claimed that YOPA has grown during the past 12 months to become the 10th largest estate agent in the UK, although it didn’t reveal how this was measured.
After a long exchange between Savills and The Negotiator, we can reveal that last year Savills believes YOPA was the 10th largest estate agent by new listings, rather than existing listings, branches or employees.
Savills has achieved the ‘top ten’ status for YOPA by comparing brands rather than groupings of estate agents such as Countrywide or LSL, whose combined new instructions from all their brands are likely to be considerably higher than YOPA’s.
YOPA, which has approximately 100 local agents, also has some way to go before it can claim to be the largest agent by existing listings on Rightmove.
It has 3,000 while Savills has over 6,000 and Purplebricks currently lists over 16,000.
In June 2016 Savills’ investment arm Grosvenor Hill Ventures was involved a £15 million round of funding for YOPA with DMGT, the owner of the Daily Mail, along with Andrew and Alistair Barclay, the grandson and son of David Barclay, the co-owner of the Daily Telegraph. A further £27 million was invested in September 2017 including £20 million from corporate giant LSL and a further £7.6 million from DMGT.
Much of this cash appears to be spent on YOPA’s huge and almost ceaseless TV, radio and print campaign, featuring its ‘Seriously, why not” tagline launched last year.
Read more about YOPA.