The UK's property industry is set for a major shake-up as TRANSACT, a new platform designed to streamline home buying, goes live. Backed by PropertyStream and Offr, the platform promises to revolutionise the often protracted and frustrating process of buying or selling a property.
Currently, the average transaction takes between 120 and 170 days, with around one in three sales falling through at an estimated cost of £400 million annually. TRANSACT aims to address these inefficiencies by allowing estate agents to create comprehensive digital sale packs within a secure data room, giving buyers access to all necessary information before making an offer.
Developed by PropertyStream and Offr, TRANSACT combines the strengths of award-winning agency websites with cutting-edge transaction technology. Unlike traditional sites that focus on lead generation, TRANSACT offers a more comprehensive approach, supporting residential sales, lettings, auctions, and new homes through secure online dashboards for buyers, sellers, landlords, and tenants.
The launch reflects a growing shift towards digital-first transactions. Data from Offr's markets shows that over a third (35.4%) of Private Treaty offers are now made outside traditional office hours, a significant increase from 21% in 2021. This trend mirrors consumer demands for flexibility and convenience in property dealings.
According to Robert Hoban, Founder and CEO at Offr, consumers expect the same level of digital convenience in property as they experience in banking and retail. He stresses that TRANSACT is designed to remove friction, enhance transparency, and deliver a superior client experience – all in line with recent UK Government reforms advocating for greater digitisation, earlier access to information, and digital identity verification.
This move aligns closely with government targets for modernising the home buying process, which includes greater use of technology to make transactions faster, smoother, and more secure. As the industry continues to adapt to consumer demands, TRANSACT is poised to play a significant role in this ongoing transformation.