An online auction platform has launched a new instant property purchase feature as part of its expansion plans.
Under The Hammer, a website which works with estate agents across the country, has introduced 'Secure Now' in a bid to make transactions 'instant, more secure and transparent'.
Agents and private sellers will be able to list properties on the site at a fixed price. Buyers will then be able to go online and purchase the property immediately at any time.
Purchasers will then be required to pay an exclusivity deposit in order to secure the property. There is then a fixed timescale of 28 days to exchange and a further 28 days to complete.
Under The Hammer's network of agents are able to host an online platform of auction lots and 'Secure Now' properties in their own branding.
Thomas Gilday, an auction specialist at the platform, says the development of an instant purchase function is a 'natural evolution' from everything the company has learnt so far.
"In the last year, Under The Hammer has worked with hundreds of agents, property sellers, and buyers. In that time, we’ve learnt from comments, reviews, and suggestions from all three on how we can improve the service and drive forward the property revolution," he says.
"With our 'Secure Now' service, we’re able to offer immediate security of the transaction for our sellers, whilst also allowing for buyers to make an instant decision to purchase a property at any time, day or night."
"The changes to our auction platform, and the exciting introduction of our ‘Secure Now’ service, will help us improve the property buying and selling process in these areas even more," Gilday explains.