Legally-binding live residential property auctions arrive in UK
20th December 2018
Singer Vielle has already made inroads into commercial property since starting up in 2009 using clicktopurchase technology, and says residential is next.
An property execution platform for private treaty and auctions gaining traction in the commercial property sector say it’s unique bidding and sale completion system is set to achieve similar results within the residential market.
ClicktoPurchase operates a blockchain-based and legally-binding system for property sales that enables ‘best offers’ and private treaty sales to be completed online as well as real-time auctions.
In the UK the company claims to have handled sales in the commercial sector for property worth in excess of £200 million.
The system is operated by London-based property investment agency Singer Vielle, which says clicktopurchase also offers live auctions which, unlike many existing online auctions, enables the conclusion of a winning bid with a legal exchange via an artificial-intelligence enabled ‘auctioneer’.
Senior Partner Neil Singer (pictured, left) claims his company is the only one in the wider property market using blockchain, digital signature and AI technology to enable property sales, including in auctions.
The company has achieved the best results so far in Ireland within the residential sector including adoption by Savills and its first residential sales for another client, Dublin estate agency Allen & Jacobs.
It has also recently sold its first residential properties in the UK. These are a vacant retail/residential property in Enfield in North London guided at £660,000 and a retail/residential property in Goodmayes, East London (pictured, top) guided at £400,000. Both sold for 20% more than their guides at auction.
“The online execution and auctioning provided by clicktopurchase enables every agency to modernise and improve their offering to both seller and buyer. We just happen to be leading the charge,” says Singer.
“The ability to call the most technically-advanced online real-time auction at any time during the sales cycle provides speed, certainty and transparency for all parties involved.”
Nigel Lewis, The Negotiator