Investment case

We are the leading UK technology-led estate agent, in a market ready for disruption, with many growth opportunities from a focused strategy and the financial strength to execute successfully.

  • Largest, best known tech-led estate agent with 97% brand awareness
  • Most positively reviewed estate agent in the UK
  • Opportunities to extend brand consideration

  • Launched as the first online estate agent
  • Introducing technology to take friction out of the customer journey
  • Strong digital credentials across Executive Leadership
  • Clear evidence consumers are starting to shift towards apps and tech-based alternatives
  • Dual-sided business model, connecting customers with self-employed agents
  • New pricing approach disrupted the traditional % commission fee model
  • Fixed fee up-front model achieved significant traction quickly
  • 600 locally based, experienced local property agents
  • We drive productivity and integrate with partners to create cross-selling opportunities at the right stage of the move process
  • COVID-19 and lifestyle changes driving strong market activity
  • Stamp Duty extension helping near-term demand
  • Government support for first-time buyers will support lower price property transactions
  • Market set to return to growth following a long period of low transaction volumes
  • House Strategy focused on opportunities to grow share in UK market
  • Clearly articulated strategy and execution plan, with team in place to deliver
  • Medium-term targets set to track strategic progress:
    1. 10% market share
    2. £1,750–£1,800 average revenue per instructions
    3. 25%–30% EBITDA margin
  • Profitable UK operations, with improving EBITDA margin
  • Cash-generative business
  • No debt, £74m cash balance
  • Targeting 25%-30% EBITDA margin over the medium term