Fast sale firm launches tool to help agents fix broken chains

A ‘quick buy’ service launched by veteran proptech innovator Giles Mackay is now looking to help fix broken chains.

UPSTIX, which launched a US-style ‘i-Buying’ model in the UK last month, has unveiled a new ChainBreak tool aimed at stopping house sales falling-through.

Currently, UPSTIX pledges to give sellers a cash offer within 48 hours after algorithms have determined a price using billions of data points across 30m UK properties. 

Homes are usually purchased at a discount of around 11% of market value and then the company hopes to sell them on at a profit.

It has purchased more than 100 properties using this method so far.

The brand now hopes to use this tool to step in when a buyer or seller in a chain pulls out.

UPSTIX says it will combine its quick buy service with contributions from the other property vendors in the chain to make up the shortfall, meaning that all properties can sell at market value and the transaction can complete.

Requests for contributions are sent and monitored online using the UPSTIX platform.

Research suggests that over the first quarter of the year, almost 55,000 home sales have fallen through and UPSTIX says this figure is expected to rise to around a quarter of a million by the end of the year.

Mackay, who created Hometrack almost two decades ago and now runs UPSTIX, says: “While convenience and certainty has become part and parcel of our lives from hailing a cab to banking, the housing market is lagging behind in harnessing technology to make the experience a smoother, more certain and faster one. 

“While this won’t be for everyone, those going through divorce or probate may need a quick and certain sale.

“Selling quickly and realising market value now will also be important for smaller landlords. 

“More than half a million are said to be  already considering selling up their portfolios over the next decade thanks to  recent adverse taxes.

“With further tax changes that would make it far more unattractive to be  a landlord rumoured, this number may increase even more and given that while UK house prices are at record highs, macroeconomic headwinds such as Ukraine and Russia and the rising cost of living are likely to at some point lead to a housing market correction.

“Simply put, it may be worth it for many smaller landlords to exit their portfolios when the market is at its best.”