The delay in completing a UK property sale several months and has been a big problem in the UK property industry. To solve this problem a blockchain-style platform has promises to double the speed of UK property sales, with the startup behind it announcing a new deal for its widespread use.
The deal with other software firms will give around half of UK estate agents access to new technology designed to tackle typical delays in property sales, according to ‘proptech’ firm Coadjute.
The firms chief executive Dan Salmons said home sales typically take months because of a lack of joined-up thinking and data-sharing among many stakeholders involved.
Confusion over next steps in a sale is common. Salmons said estate agents need “large armies” of workers merely to check for and pass on updates among parties, while buyers and sellers often have to complete similar forms multiple times.
Salmons acknowledges his firm is far from the first to promise to speed up sales by better connecting buyers, sellers, estate agents, conveyancers, lenders, government officials and others involved in transactions.
But he said previous efforts hit a wall as they sought to persuade all parties to use a single IT system. This can prove difficult to tailor to everyone’s needs, and poses privacy concerns with all data centralised. “People love new stuff, but they’re not good at giving up old stuff,” he added.
Britain’s Land Registry began exploring such technology in 2018, with trials held involving officials and conveyancers around the world who wished to tackle similar challenges.
The work sparked the launch of Coadjute, initially as Instant Property Network, as a participant in the trials. Salmons joined the startup after first getting involved in the experiments as Royal Bank of Scotland’s director of innovation for home buying.
It has since been working on its software and building interest, but Salmons said the pandemic had proved a turning point. The rise of remote working among estate agents, solicitors and others has sparked a “sudden demand for digitisation” in recent months, he said.
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