In a move to aid in the near future of the British real estate market, Mushroom’s Emoov’s data-focused instant buyer model is being put to the test to help with property chain-related delays and the market dip.
The average property transaction in the UK disruptive property market lasts between 15 and 25 weeks to complete. And even then, only two-thirds of those transactions succeed. Emoov provides a solution for buyers and sellers to speed up the process via quick buyout offers and other services to save time and money.
Partnering with Selina Finance, a new-age lender backed by GFC and Picus Capital, Emoov is focusing on aiding in this long-running issue within the market and testing out its new Instant Buyer model in select areas.
Emoov allows sellers to request the platform for an offer on a property that fails to sell within 30 days on Emoov’s site. Emoov then makes an offer of the best possible price using a proprietary data-driven algorithm.
Stepan Dobrovolskiy, the CEO of Mashroom, Emoov’s parent company, said:
“Property chains are a pain for the UK housing market. 30% of transactions fall through, people waste hundreds of millions a year on fees. The existing solutions capitalize on the huge distress that chains are causing to customers. This is also driven by the shortsightedness of service providers and the unavailability of data. Emoov is the first company to offer an affordable data-driven solution to facilitate the transactions.”
With Stamp Day on the horizon, many are worried that the price of housing will continue to increase. Emoov is nipping that in the bud with Instant Buyer, with plans to launch it nationwide later this year.