Home buyers in the UK have always faced two notorious issues: fall through and property chain related delays. Announced today, Mashroom proptech’s Emoov becomes the UK’s first platform to bring a data driven instant buyout service to the residential property market.
In plain English, what this means as that Emoov is dramatically speeding up the property flipping process via a guaranteed offer.
“Property chains are a pain for the UK housing market. 30% of transactions fall through, people waste hundreds of millions a year on fees. The existing solutions capitalise on the huge distress that chains are causing to customers,” comments Stepan Dobrovolskiy, CEO, Mashroom.
And if you’re wondering where the capital comes to front all of this activity, Emoov has recently announced a multi-million pound credit facility in partnership with Selina Finance, who are in turn backed by GFC and Picus Capital.
“We’re delighted to be partnering with Mashroom and Emoov to fund their guaranteed offer service. It’s exciting to be part of such an innovative solution, combining technology and flexible funding, to help solve the problem of property chains experienced by many,” Darvish Heshejin, VP of Growth, Selina Finance.
With an addressable market of up to 50% of all market transactions, worth up to £100bn a year, Emoov will test the ‘instant buyer’ model across select UK areas before deploying it nationwide.