Sir Stelios Haji-Ioannou and property entrepreneur Robert Ellice have bagged a £1.42 million cash injection from nearly 400 investors on the crowdfunding website Crowdcube.

The money will go towards creating easyProperty, a new venture from easyGroup, which allows customers to book services on a pay-as-you-go basis when buying and selling properties with no admin charges or commission.

The founders have estimated that this virtual estate agency concept could save people around £7,000 on the average London property, compared with standard estate agency rates.

easyProperty CEO, Rob Ellice, said: “The ‘easy’ philosophy is simple – disrupting the status quo and offering people significant savings on what they would normally pay. Now it’s time to shake up an out-dated property industry.

“By offering a stake in the company, easyProperty is giving landlords, property vendors and private investors a unique opportunity to be part of a market revolution.”

easyProperty had its official launch last week and its creators will use the money to prop up its lettings service before focusing on property sales in the new year. Plans exist to grow across Europe and to enter the commercial property market also.