HS Property Group, a real estate investment and development firm based in Manchester, has applied the clicktopurchaseⓇ platform to become the first UK residential property company to document the online exchange of a property using blockchain technology
The transaction was for the sale of a four-bedroom HMO investment property on Garforth Street in Chadderton, developed by HS Property Group and listed for sale on its website.
Declared by many as the future of finance and real estate, blockchain technology has attracted headlines recently as cryptocurrencies like Bitcoin and Ethereum are underpinned by this mechanism, thus enabling technologies such as peer-to-peer financial transactions, without a third-party mediator.
Guy Horne, director and co-founder of HS Property Group, said: “The way we currently transact property is anachronistic, protracted and unreliable. Using blockchain technology will be the future of property transactions.
“The speed and transparency it offers will democratise property investment worldwide.
“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.”
According to its supporters, Blockchain allows a quicker and safer method of buying and selling a property, as all transactions – from making the offer through to a legally binding exchange of contracts – are recorded on an abiding ledger.
Experts say that using a blockchain makes the transaction much simpler while delivering certainty, transparency and accountability.
It enables distant buyers to transact as easily as a local purchaser and brings the huge benefits of liquidity and flexibility.
HS Property Group specialises in developing high-yielding residential investment property secured through long-term corporate leases with established social housing organisations.
Neil Singer, CEO of clicktopurchaseⓇ, concluded: “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.”
