A leading property developer in Manchester says it has sold ten homes through the blockchain-based clicktopurchase online bidding sales platform over the past 18 months.
HS Property Group says it has been trialling the fast-growing online bidding platform as it seeks to reduce the costs of sales through estate agents and also lower its conveyancing costs.
Its managing director Guy Horne (pictured, above, right) says he wants to see more technology being brought into the property sector and see the sales progression process speeded up.
“The idea is that if you can remove actors you can reduce leads times and speed up process,” he says.
“I think blockchain will be used more and more frequently in property sales, but whether clicktopurchase is the one to achieve the breakthrough, who knows?”
Clicktopurchase caused controversy within the property industry earlier this year when it struck a deal with Rightmove to trial its service on the portal, enabling purchasers to bid for commercial properties uploaded by agency Singer Veille, which is the company behind clicktopurchase.
This worried many residential agents that Rightmove, which has increased its fees aggressively this year, may allow the technology to be used for homes sales.