Foxtons claims to have become the first estate agent to completely digitise the home selling process after it launched a collaboration with consumer app Home and Coadjute which has digitised both the sales and lettings journeys for its customers.
The partnership with Home and Coadjute is being viewed as the final piece that completes a puzzle started a decade ago with the launch of My Foxtons – its digital platform that allowed buyers and sellers to receive documents related to their purchase.
Home consolidates every aspect of the home buying and selling process in one place and is designed to allow buyers and sellers to track their move every step of the way.
Buyers and sellers can also access a comprehensive list of home services with Home providing everything from removals; insurance; utilities; council tax; storage; packing supplies; white goods; interior design and smart home technology.
Coadjute is a data exchange platform built on blockchain technology that links estate agents, conveyancers, mortgage brokers and lenders together allowing approved parties to synchronise and share progress updates securely.
Foxtons customers are able to directly contact each party involved, without, for example, their agent being able to view communications with their mortgage broker.
Guy Gittins, Foxtons Chief Executive, says: “We’ve invested heavily in both technology and people in recent years. With the help of Home and Coadjute, our buyers and sellers will be able to better manage the cost and admin requirements of moving, while also benefiting from the reduced chance of a fall through.
“Thanks to advanced blockchain technology buyers and sellers can immediately, securely and confidently communicate with their agent, conveyancer or broker, all from one place.
“We already boast a far superior selling timeline at 104 days versus the industry average of 130 days to exchange and we truly believe that we can reduce this even further while also reducing fall through rates.”
Matt Spence, Founder and Chief Executive of Home, says: “Home exists to transform the way we move and manage our homes.
“Buying or selling a home is a major life event that, I believe, supported by good technology will be as intuitive and enjoyable as other industries that have embraced digitisation, such as travel and banking.”
And Dan Salmons, Chief Executive of Coadjute, adds: “Coadjute’s unique digital network brings together all the parties in the property transaction – estate agents, conveyancers, brokers, buyers and sellers – and enables them to share data, documents, even identity, seamlessly and securely.
“By bringing Coadjute and the Home app together, Foxtons have created a truly novel and exciting technology solution for their customers.”
Earlier this month The Neg revealed how Lloyds Banking Group, Nationwide, NatWest and Rightmove have made a £10 million investment into Coadjute to help the blockchain network revolutionise the homebuying process.
Property blockchain network Coadjute has secured a £10m investment from Lloyds Banking Group, Nationwide, Natwest, and Rightmove.
This is the first time that three of the UK’s largest mortgage providers have come together to fund a proptech.
Lloyds, as lead investment partner, has invested £3m in the funding round.
This latest round brings the cumulative investment in Coadjute to £23m since being founded in 2018 to help transform the buying and selling process by bringing estate agents, conveyancers, mortgage lenders, buyers and sellers together onto a single network where all parties are verified, and data can be shared securely in a standardised way.
The funding will be used to power Coadjute’s national rollout and expand the scope of the network to include mortgage brokers and lenders. The partnership follows Coadjute’s recent collaborations with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian, to streamline and digitise the property settlement process.
Dan Salmons, chief executive of Coadjute, said: “We’re delighted that the Coadjute network is now being backed by the biggest players in the UK property market, enabling us to further expand our offering and roll out to more home movers and the professionals that serve them.
“Together with the estate agents, conveyancers and brokers joining the network, we hope to transform the experience of moving home in the UK, making it quicker, easier and safer for everyone in the future”
Johan Svanstrom, chief executive at Rightmove, added: “We see huge potential to digitise and improve the experience of moving home for consumers. We believe Coadjute’s secure and data-driven technology solution can meaningfully remove some of the friction and frustration that lengthy property transactions bring.
“For Rightmove this is also an investment into the potential of a more efficient industry, and to support our agent customers’ further business success. We look forward to working with Coadjute and partners on an exciting and digitally driven home moving process.”
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