The UK property market has been enjoying a mini-boom lately. Still, suspicions remain over whether house prices will keep growing once the government’s stamp duty cut ends in April. To meet the demands of the home buyer’s property chain related delays, UK-based proptech startup Emoov comes to the rescue.
Owned by Mashroom proptech platform, which is the UK’s leading online estate agencies – Emoov’s data-driven “Instant Buyer’ model tackles fall troughs and property chain-related delays – two most notorious issues of the UK’s real estate market.
The UK’s disruptive property market is slow in-process and incurred too much cost for the seller and buyer. It takes 15 to 25 weeks to complete the property buyout transactions. Out of total transactions, ⅓ of the transactions failed, which incurred unnecessary cost for buyers as well as for sellers.
Basically, Emoov provides an efficient solution for property buyers & sellers. It’s quick buyout solutions and guaranteed offer service helps in saving money & cashing in the property.
UK’s first instant residential property buyouts
UK’s proptech startup is now helping residential homeowners to quickly buy and sell the property with a data-driven platform.
Emoov has partnered with Selina Finance, a UK’s innovative lender backed by GFC and Picus Capital, for a multi-million-pound credit facility to finance the offer. The British company is targeting 50% of the market transactions, worth £100bn a year.
Meanwhile, Emoov will also test it’s “Instant Buyer” model in selected areas and later launch nationwide.
The data-driven technology used by Emoov at an affordable price will help the homeowners to sell or buy the property quickly. Further, simple finance options and better data insights will help the property chain around the UK for a better deal.
According to UK’s former housing minister Heather Wheeler, “This costs consumers around £270 million a year. That’s hard-working families shelling out for surveys and searches on properties they won’t even get to buy.”
The data-driven prop-tech Emoov allows sellers to list their property. If they didn’t get any deals in 30 days or not happy with the deals, then request Emoov for an offer. Emoov uses its proprietary data-driven algorithm process to offer a transparent and fair price to the seller. Emoov will buy only those properties which fit their criteria and be transparent to sellers before listing live.
“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 capitalise 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,” said Stepan Dobrovolskiy (CEO, Mashroom).
“We’re delighted to be partnering with Mashroom and Emoov to fund their guaranteed offer service. It’s exciting to be part of such an innovative solution, combining technology and flexible funding, to help solve the problem of property chains experienced by many,” added Darvish Heshejin (VP of Growth, Selina Finance).