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‘Sell your home in 7 days’ – claims quick-sale start-up

Hometrack founder Giles Mackay has launched Upstix, an instant offer/quick sale platform, to target UK market worth potentially £19bn a year.

The Negotiator

image of upstix logo

The entrepreneur behind Upstix is Giles Mackay, who sold Hometrack to Zoopla for a staggering £120m in 2017. Mackay claims to have committed fund of £250m to deploy on house purchases, so as such, the project is serious and strongly backed.

Upstix has already committed to buying 97 homes with a value of £29m. The houses that are bought at a discount from the owner are then re-sold on the market at full valuation. It’s not clear if that sale goes through a local estate agent and if so, on what terms.

Upstix uses algorithms and AI to value the homes, providing a cash offer within 48 hours. It does this by crunching billions of data points across 30m UK properties, allowing it to quickly assess pricing and establish demand. This enables it to make an offer on a property typically 11 per cent below market valuation. The discount is offset by Upstix covering all fees of the sale and the speed of the transaction.

The new service claims to introduce choice and speed into the UK’s housing market for those who may need to offload a home quickly and with certainty that the transaction goes through. Machine learning enables data around the property market, size and age of the property along with macro indicators – such as interest rates and employment – to help determine accurate valuation quickly.

Where Upstix potential clients do not accept the valuation, the company introduces them to local estate agents to sell their property traditionally. There is no obligation to accept Upstix’s offer after appraisal.

“Divorce, probate, debt and the stress of chains breaking or deals that just fall away are all occasions where a quick sale can be vital. We believe creating a more democratic and transparent way to get things moving is precisely what’s needed.

“iBuying is a relatively new concept in the UK, but our track record in harnessing data to make informed decisions means that we will be able to offer fair prices for houses in return for speed and certainty of sale,” says Giles Mackay, pictured above.

The concept is gaining great traction in the US. American website ibuyer.com describes it thus: “iBuyer stands for Instant Buyer. In technical terms, the iBuyer model uses artificial intelligence (AI) to deliver home value. Using data about your property and mathematical algorithms, the iBuyer generates an automated valuation model (AVM) that gives you an instant all-cash offer. The iBuyer then makes any repairs, markets the house, and re-sells it.”

Giles continues, “Divorce, probate, debt and the stress of chains breaking or deals that just fall away are all occasions where a quick sale can be vital. We believe creating a more democratic and transparent way to get things moving is precisely what’s needed.”

upstix.com

March 10, 2022

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