Former Hamptons and Countrywide executive Phil Tennant has joined US-style fast buy firm UPSTIX.
Tennant has been recruited as chief operating officer for the firm where he will oversee its sales and operations as it looks to expand its presence across the UK.
He was previously chief operating officer at Hamptons International for more than half a decade and operations director at Countrywide for more than eight years until mid-2021.
UPSTIX pledges to give sellers a cash offer within 48 hours after algorithms have determined a price using billions of data points across 30m UK properties.
Homes are usually purchased at a discount of around 11% of market value and then the company hopes to sell them on at a profit.
If UPSTIX customers do not accept the valuation, the company introduces them to local estate agents to sell their property traditionally.
There is no obligation for anyone to accept UPSTIX’s offer after appraisal.
Tennant said: “I’m delighted to have joined UPSTIX as the UK’s housing market needs innovation and, crucially, choice offered to not just prospective buyers but also sellers.
"Out of the nearly 800,000 homes sold a year, around a quarter of those will need a quick sale, and until UPSTIX there hasn’t really been any option guaranteeing a fast transaction.
“Using UPSTIX will not be for everyone, but there is a need to make the market more democratic and transparent to get things moving, especially when a seller needs to move quickly.”
Giles Mackay, founder of UPSTIX, added: “UPSTIX is leveraging data and technology to inform our decision making.
"Phil’s wide range of experience across proptech, traditional and online agencies make him the perfect choice to lead UPSTIX’s sales and operations, and I look forward to seeing him help drive our mission to make selling a home a faster, more certain and transparent experience.”