Number of agencies using price bidding platform gathers pace

Proptech platform Offr has been involved in over 700 transactions so far this year with properties moving to sale agreed five days quicker than in 2021.

Data from HM Revenue & Customs showed the number of UK residential property transactions increased nearly a third year-on-year in July as buyers tried to outpace mortgage rate rises.

On a non-seasonally adjusted basis, total transactions came in at 110,970, 32% higher than July last year, and a 7.2% increase on June 2022.

This surge in property transactions has also been seen by Offr, the proptech platform digitising the buying, selling and leasing process for real estate agents and buyers.

Negotiations are likely to become harder with the rising cost of living and mortgage rate increases.”

Philip Farrell (main picture), Chief Commercial Officer and co-founder of Offr, says: “Negotiations are likely to become harder with the rising cost-of-living and mortgage rate increases. With a 7:1 new buyers to new homes ratio, and buyers looking to complete before further interest rate rises, the competition is fierce.

“Increasingly, agents are looking for ways to stay ahead of the competition and build a strong point of difference. We are helping agents deliver a better service to vendors and buyers by speeding up property transactions through digitising over 85% of the process.”

WHITE LABEL

Up until now, property transactions have largely been restricted and confined domestically, with no easy, fast, and secure way of buying properties cross-border available. But Offr’s white-label platform allows buyers to securely submit qualified offers at the click of a button, anytime, anywhere and close deals on real estate agents’ own websites.

Farrell adds: “Agents are kept up to date in real-time, track the progress of a sale or lease on their mobile device or laptop, in real-time, with instant alerts when an offer is received, if there is an upcoming viewing, or if legal documents have been updated.”