HS Property Group, the Manchester-based property development and investment firm, has used the clicktopurchase platform to become the first British residential property company to use blockchain technology to record the online sale of a property.
The blockchain property sale involved a four-bedroom HMO residential property in Oldham, Greater Manchester. HS Property Group developed the property and listed it for sale on the company website.
Guy Horne, HS Property Group director and co-founder, commented that the current property transaction system was outdated and unreliable. He predicted that using blockchain technology would drive all property transactions in the future, due to its speed, transparency, and ability to democratise property investment globally.
Mr. Horne said that HS Property Group prides itself on innovation and wants to offer its investors a more secure and straightforward way to buy residential property without impacting legal safeguards. Blockchain enables a faster and safer method of carrying out property transactions, as all required steps- from making an initial offer through to exchanging legally binding contracts- are recorded on a permanent ledger.