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First Two Homes Sold Using Bitcoin in the UK

UK property developers Go Homes has announced the sale of two luxury homes using Bitcoin.  

The first property, a four-bedroom detached family home in Colchester, was bought by an unnamed software developer who made a huge profit in Bitcoin and is now investing in property. He has indicated that he will rent the property out in Bitcoin once construction is completed. 

This move follows the example of The Collective, a London property developer that allows tenants to pay their rent and deposits in Bitcoin. Company representatives explained that the policy was established in response to demand from international customers. 

.The second property to go for cryptocurrency is a four-bed townhouse in Hertfordshire with a market value of £595,000.

Go Homes group sales director Ed Casson said that the buyer, a man in his 20s, amassed Bitcoin by mining and online games transactions.

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Mr Casson said that these sales mark the first time that a UK home has sold for Bitcoin, and anticipated that such transactions will become commonplace in the next five years. He explained that such a move benefits both buyers and sellers due to transactions completing more quickly, and added that Go Homes will accept Bitcoin payments on any of their 250 homes scheduled for completion next year. 

Breeze and Wyles solicitor Adrian Toulson was involved in the monumental conveyancing.

He confirmed that a lot of due diligence was necessary to confirm the source of the Bitcoin, and both buyer and seller were required to attend a meeting with their respective legal representatives. 

The trend is also manifesting in the US, where a Miami luxury home went on sale in December 2017 with the seller only accepting Bitcoin as payment. The one bedroom apartment appeared on several real estate portals, where it specified a sale price of 33 Bitcoins, or approximately $547,000 US. In Australia, a news.com.au article in December claimed that at the time of publication there were no known property deals completed with Bitcoin, although a handful of Australian vendors have advertised a willingness to accept it as payment. 

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