A key milestone in the digitisation of the UK housing market has been achieved after leading independent property software firm VTUK, which is used in over 2,000 branches, signed up to join the Coadjute blockchain network.
Oxfordshire-based VTUK joins rivals Dezrez, MRI Software and Reapit on the network.
This means over half of estate agents are now connected to it enabling both them and their buyers or sellers to access an automated, real-time view of the transaction process.
Coadjute claims that its technology will create a revolution in sales progression by eliminating the need for staff to chase all the players in a sale, and represent the process in a dashboard backed by bank-grade blockchain technology.
Speed and transparency
Peter Grant, CEO at VTUK (above, left) says that from his company’s participation in government and industry initiatives it is clear that speed and transparency around property transactions is a main focus.
This, he says, is alongside property logbooks, the Buying and Selling Property Information (BASPI) initiative and reservation fees.
“It is our mission to work with Coadjute to reduce the average 30% fall through rate and lost profit for our clients as well as improving and de-stressing the process for consumers. We could not be more excited to develop this model.”
Dan Salmons (above, right), CEO at Coadjute, says: “The UK property industry is well on its way to being digitally connected, enabling property transactions to take weeks not months, and buyers and sellers to get the best possible moving experience.”