London-based estate agent sees surge in listings following lockdown

National estate agent Yopa has reached profitability six months ahead of its plan, citing the pandemic lockdown as the reason behind its success.

The company, which is based in London, experienced its busiest month ever in July, with listings jumping 76 per cent year-on-year and 36 per cent month-on-month – outperforming the industry average of 26 per cent.

Its revenues per instruction increased by 40 per cent, with estate agent earnings up by 100 per cent year-on-year.

Putting the surge in demand down to lockdown conditions driving consumers towards digital estate agent platforms, Yopa is currently averaging 10 viewings for each property sale compared with an industry average of 19 prior to the pandemic.

Additionally, it has seen record levels of properties selling subject to contract (SSTC) in July, up 23 per cent on June and 77 per cent year on year.

Yopa’s mortgage partner, Scout Financial Services – launched in October 2019 – also recorded steady increases between June and July with a 15 per cent increase in mortgages written, 46 per cent increase in written value and a 31 per cent increase in mortgage lending.

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

“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.”