U.K. real estate platform Settled adds new Strengthen & Secure feature

VC-backed proptech business Settled is introducing a new and unique "Strengthen & Secure" feature to its property transaction platform to help buyers and sellers reach completion faster and with a greater sense of security.

Settled offers a software platform which connects every step in the home moving journey. The company claims it's main purpose is to solve problems in real estate transactions; eradicating issues such as gazumping, in order for home buyer and seller transactions to be calmer and more assured. It says it has halved the time it takes for customers to complete a home sale from the national average of sixteen weeks to just eight, and is significantly reducing fall-through rates – doubling the likelihood that a home transaction will complete.

The new Strengthen & Secure feature is an optional scheme for home buyers and sellers, which protects the agreement of an offer and speeds up the legal stage of the transaction.

The announcement comes just days after Settled announced it's visual rebrand as it embarked on the next stage of product development. The rebrand and introduction of new features on the platform come at a time the shortcomings in the real estate industry are being highlighted by the Government with its recent announcement of a consultation into the way the home transaction model can be improved.

Strengthen & Secure is an optional scheme for home buyers and sellers, which protects the agreement of an offer and speeds up the legal stage. Think of it as a pledge with benefits, the company said.

The new feature can be opted into at any point after an offer is made by a buyer and received by a seller. By opting in, both parties agree to:

• Secure the agreed offer with a refundable £500 deposit, which protects both parties from the effects of gazumping, gazundering and gazanging
• Instruct Settled’s conveyancing partner, helping to speed up the legal stage of the sale by up to 50%

Either party can opt into the scheme on an individual basis, but the benefits truly come into effect when the pair enter together, selecting both options, Settled said.

By opting into the scheme, sellers show buyers they’re serious about seeing their sale through, and buyers similarly demonstrate to sellers that their offer is solid. Sellers are more likely to accept an offer that has a higher strength rating, and likewise, buyers are more likely to trust the acceptance of their offer.

The commitment is a nice touch, and it helps to progress the sale much quicker than would otherwise be the case. In fact, Settled claims that when both buyer and seller opt into Strengthen & Secure, its transaction completion rates have risen to 100%.