The completely digital sale of a property could very well change the game in estate agency, here’s how and why we made it happen.
In a sale, there’s always the dreaded paperwork stage. Everyone involved is waiting on someone else – on solicitors to ask and answer questions, on local council paperwork, on mortgage documents…this is more than just frustrating. A slowdown at this stage can completely derail a property sale.
In 2023, more than 35% of UK property sales fell through (Source: Quick Move Now). This was a changing and challenging market, where buyers looked for pricing in line with the predicted market crash (which didn’t come about), sellers expected the prices they’d have achieved in 2021 and mortgage rates just kept rising.
At Foxtons, we get it done – it’s something we take seriously. So in 2023 we did the legwork, explaining the market, answering questions, gathering and sharing progress updates, following up, getting sellers and buyers to share documents on My Foxtons, ringing solicitors and mortgage brokers and sellers and buyers on everyone’s behalf – whatever we could do to keep these sales moving.
And it was successful, our average time to exchange is 25% faster than the industry average.*
But at the same time, we were working behind the scenes to make the entire process much, much better. We were investing, collaborating and creating a solution that would make the hardest stage of any sale seamless and quick.
*Source: TwentyCI data, average time to exchange on a property in 2023
The future of getting it done
Foxtons partnered with Home and Coadjute to build a system that connects all these moving parts so they’re all working together in one place, finally – for the first time in estate agency - streamlining the paperwork stage through blockchain technology.
Ok, it’s a new, groundbreaking bit of tech….but what is it, really?
Coadjute is a data exchange platform, so it connects estate agents, conveyancers, mortgage brokers and lenders all in one secure place, where they can share progress updates, secure messages, property information, digital identities and all those bits and pieces of paperwork it normally takes ages to collect and confirm. And in the future, it’ll even take payments so we’re not all holding our breath for lenders and solicitors to make that final step.
This platform sounds simple – as many of the best inventions are – like a chatroom with beefy security. But it hasn’t been done like this before, without sprinting across London on your lunch break to get to your lawyer’s office, without the endless call backs and voicemails, without waiting weeks on one slip of paper that says the extension was approved by the council or that flood risk assessment had been carried out.
Coadjute and the Home App mean your property sale can get a move on that can increase the chance of going through successfully.
The way you really want your sale to go
It also gives buyers and sellers alerts when there’s something for them to do, an overview at their fingertips, a secure place to talk to any involved party and support through each step. This is, we think, the most important part of the platform.
Buyers and sellers typically find the paperwork stage to be intense. It involves a significant amount of admin, phone calls, paper chasing and, more than anything, headspace. And the smallest things, like a missed call from your solicitor or forgotten signature on page 20, can have a big impact on your timeline. So, tensions are high.
This is an unavoidable fact of completing one of the most important sales or purchases of your life, but it’s also difficult to make the decisions you need to when your head, diary and inbox are chock full of complications. Our new platform cuts through all the noise, so you can make informed decisions, acting with confidence and a level head.
Here's what Foxtons CEO Guy Gittins had to say:
“Foxtons has always been at the forefront where the digital disruption of the property industry is concerned and, having already pioneered the full digitisation of the lettings journey, our partnership with Home solidifies us as the leading innovator within the UK property sector.
We’ve invested heavily in both technology and people in recent years, a strategy which has so far paid dividends. Our latest partnership with Home and Coadjute is simply the next step in the progression of our technology focussed endeavours.
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, helping to alleviate the stress associated with a property transaction.
However, perhaps the most important aspect is the support and transparency provided at every step of the home moving journey thanks to advanced blockchain technology, enabling buyers and sellers to 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, with the Home app and Coadjute via our My Foxtons platform, we can reduce this even further while also reducing fall through rates.”
However you want to move, we get it done.
Foxtons is currently rolling out the Home app and Coadjute on an invite-only basis. However, keep your eye on the Foxtons blog for updates on how to get involved and be among the first to experience this revolutionary new way to buy or sell your home in London.
The next step
Coadjute is, as we’ve said, the next piece of the puzzle for Foxtons. A decade ago, we launched My Foxtons as a digital platform that allows buyers and sellers to receive documents related to their purchase, and it still makes a difference to the speed and streamlining of the paperwork stage of your property sale today. Get in touch, and we’ll show you how.
The ace up your sleeve
However you approach your purchase or sale, you can trust that we get it done. Even with all our technological advances, nothing can ever replace the trained and experienced Foxtons Sales Negotiator. Our agents are the relentless go-between and dedicated confidant to support, update, remind and motivate you.
Book a valuation to start a sale or browse our London homes for sale to start a purchase.
