Savills takes a chunk of online property startup
REAL estate advisors Savills have acquired a minority stake in YOPA Property, a “hybrid” online property agency. YOPA, which launched in Yorkshire in January creating 10 jobs, was undergoing a £16.0m equity fundraising to finance the rollout of its model to the high-volume sector of the UK market.
Founded in 2014, YOPA said it charges vendors a flat fee which makes it different from other estate agents.
It brings in properties from online listings sites including Zoopla and Rightmove and has online facilities for booking appointments and negotiations with buyers.
From January 2016 when it launched in Yorkshire, it expanded into a hybrid model, linking the activities of sellers, buyers and YOPA’s own franchised local property agents, which are supported by a customer service centre.
YOPA, which employs 100, will continue to operate independently, under its existing brand.
Jeremy Helsby, group chief Executive of Savills, said:”We have followed the rapid advance of the online ‘hybrid’ estate agency model over the last year.
“This investment broadens the Group’s access to the UK residential sector by enabling us to take an interest in the high volume segment of the market, comprising over 1 million transactions annually, to which Savills has had little exposure to date.
“We have been consistently impressed by YOPA, whose technological edge, dedication to transparency and focus on the client at the heart of the sales process all resonate strongly with our core values and the way we do business.”
