A Manchester-based property investment firm is claiming to be the first company in Britain to record an online exchange of a property using the Blockchain technology.
Blockchain is described as a ‘digital ledger’ where transactions using cryptocurrencies are recorded.
HS Property Group says it has used the online platform clicktopurchase to transact the sale of a four-bedroom HMO investment property in Oldham.
Despite concern in some quarters as to the security and stability surrounding cryptocurrencies, Guy Horne - director HS Property Group - claims using Blockchain technology “will be the future of property transactions.”
Horne says: “The speed and transparency it offers will democratise property investment worldwide. We want to offer our global investor network a more straightforward and secure method to purchase residential investments without compromising any legal safeguards.”
HS Property Group was founded in 2014 by Horne and David Searle, and specialises in high-yielding residential investment property secured through long-term corporate leases with social housing bodies.