PropTech: Foxtons to extend digital lettings service into sales

Foxtons says it wants to extend what it calls its “full digitisation of the lettings journey” to its sales side, as well.

The London-focussed agency is today launching a partnership with consumer app Home and PropTech service Coadjute to digitise the sales process. 

Foxtons chief executive Guy Gittins says: “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 … 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 … 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 … via our My Foxtons platform, we can reduce this even further while also reducing fall through rates.” 

Home is designed to allow buyers and sellers to track their move, alerting them when action is needed on their side. Coadjute is a data exchange platform built on blockchain technology that enables agents, conveyancers, mortgage brokers and lenders to become interoperable, enabling the approved parties involved in a property transaction to synchronise and share progress updates, secure messages, property information, digital identities and in the future payments.