New technology which claims to reduce the time to reach exchange of contracts down to 11 days in the new build sector is to be launched into the secondhand homes market by spring.
The technology, Yourkeys, has been used to transact its first property, on a development by MBU Capital in Stevenage.
The technology claims to digitise the entire transaction process from beginning to end, tying together all the major stakeholders including conveyancers, mortgage brokers, lenders, house builders and estate agents.
Yourkeys CEO Riccardo Iannucci-Dawson said the system sets out to solve fragmentation in the process and to slash transaction time from what it says is an industry average of 63 days.
He said: “The problem is that there are lots of companies involved in each transaction and their systems don’t talk to each other.
“We saw the opportunity to build a data layer that pulls together inputs from everyone involved in the process.
“This was a huge challenge but working with our partners, we achieved it and now have over 2,500 companies directly integrated into the platform.”
The technology pulls together over 200 data sets from multiple sources to reduce buyer on-boarding time from weeks to just minutes: ID verification, anti-money laundering checks, mortgage applications and dozens of different documents are pulled together in minutes which can be instantly passed down the supply chain.
Yourkeys, which is backed by Mortgage Advice Bureau, is currently focused on the new build sector.
However Iannucci-Dawson says that the technology will be adapted for the second-hand market by Q2 this year.
He said:“We’re aiming to complete 10,000 transactions nationally in 2020 with at least 60% coverage of all legal firms and IFAs, and that includes the second-hand market.
“We already have some big nationwide companies ready to trial this new functionality, so it’s very exciting times.”