In Oldham, in the county of Manchester, a first house purchase deal was concluded using the blockchain technology. It is the first deal of this kind in UK. This is reported by Buy Associattion.
Manchester Group HS Property Group used the Clicktopurchase platform to sell a four-room house in Oldham.
As a company which prides itself on innovation, we want to offer our global investor network a more straightforward and secure method to purchase residential investments without compromising any legal safeguards.
Director and co-founder, HS Property Group
All stages of the transaction, including supply, acceptance and exchange of contracts, were recorded using the blockchain.
Some of the biggest problems the property industry faces is the length of time it takes to exchange contracts along with the lack of certainty. Real estate transactions can be complex but by using clicktopurchase the process is significantly quicker.
The only yet not digitized stage is the registration of the purchase manually in the Land Register.