House Buying Review pushes PropTech firms into action

The government's call for evidence from agents and others in a bid to improve the house buying process has pushed some PropTech companies into action.

Settled, an online agency and software platform which "connects every step in the home moving journey" has rebranded and set up a new website "that articulates its vision of a calmer, more streamlined process transporting buyers and sellers to completion more joyfully."

Settled claims that it has had over £500m worth of homes listed on the platform since its launch, with average customer savings of £5,000.

“It’s no surprise that the government is looking at ways to bolster the economy in the wake of Brexit. A more fluid property market will ultimately result in higher levels of property transactions and increased economic contributions. Property, legal and financial companies all have a responsibility to allow transactions to flow more easily, and, with this in mind there’s never been a better time to innovate” says Settled's chief executive, Gemma Young.

Meanwhile a software company has launched tools to "help landlords, tenants, owners and property entrepreneurs create legal documents without the need to consult costly human lawyers."

Robot Lawyer LISA’s new services allow users to create residential leases and tenancy agreements "saving potentially thousands of pounds in legal costs."

The operator says LISA’s machine impartiality means it "can act on behalf of both the creator of the document and receiver, negating the need for human lawyers for both parties."

“Property seemed to be an obvious choice [for this service], given the frequency with which agreements need to be drafted whenever properties or units are rented out on either a commercial or residential basis" says Chrissie Lightfoot, co-founder of Robot Lawyer LISA.

"In the UK, only one in 10 people and businesses take advice from a solicitor or barrister, meaning a huge proportion of small and medium businesses and consumers muddle on without legal representation, because they don’t have the time, resources or feel comfortable talking to a human lawyer. LISA aims to solve that problem, by giving the latent legal market an opportunity to self-help and self-serve by providing them with a convenient way to achieve quality legal insight and advice which they desperately need and want” she adds.