PROPTECH-X ‘Proptech & Property News’ Weekly Roundup: tlyfe tenant App a winner for tenants and letting agents | Housing market stalls | Radius Agent raises £10.68M

A roundup of the week’s top proptech and property news in association with Estate Agent Networking.

tlyfe tenant App a winning combination for tenants and letting agents

For anyone reading this who has not heard what tlyfe is, CEO Adam Pigotts‘ three paragraph summation pretty much covers it, ‘tlyfe is a tenant facing and tenant centric App, it allows a tenant  to verify their ID, their right to rent and their right to work, it allows them to pre-qualify themselves, something that is very new.’

‘It is like an employee putting together a CV for an employer to sell themselves, tlyfe effectivelay allows a tenant to sell their suitability to a Landlord, proving their ID, their right to rent, and a full comprehensive reference on themselves all sitting inside the tlyfe App, so they just open their digital wallet and tlyfe does the talking.’

‘And what is even better is that the tenant keeps all of this information locked up, and if and when they want to the share it they can with an access code so a letting agent can download all the information downloads, and it can be backed by a rental warranty provided by Paragon insurance that can be purchased separately.’

Full disclosure as a NED of the related accelerator, I (Andrew Stanton) do have a commercial tie to the The following though is a press release

Radius Agent raises £10.68M to help American Real Estate agents become Brokerage Owners

Presently the company helps more than 85,000 agents save 6-8 hours per transaction and earn £20.5B in referrals. 

Press Release 02/11/2023 San Francisco, CA – Radius Agent, a US based agent-centric real estate company, today announced £10.68M in Series B funding by NFX, AXA Venture Partners, and Cota Capital. Radius is a full service, modern brokerage that provides real estate professionals and their teams with the support and tools needed to grow their business — with a simplified and sensible commission structure.

Key services of their platform include in-app contracts, performance tracking, transaction management, and a community of other agents to share deals and market information with. The company plans to use the funding to further scale its team and platform. 

“Radius’s mobile-first platform gives agents the tools they need to grow their brand on the go,” explained Pete Flint, General Partner of NFX. “Since backing them at Seed, we’ve been continuously impressed by the team’s ability to innovate and add features their customers need.”

UK Property sales drop by 17%

Against the same three-month period last year the number of properties that completed in the UK dropped by 17%, analysis from HMRC reveals. This alone would be cause for concern, but when the whole of the property network indexes are focused on the outlook is even gloomier.

All the major New Home builders have drastically cut back on the number of units that will be built in 2023, many of them shuttering whole divisions of their companies to cut costs and preserve their share price. Less than 14-months ago most of these companies were seeing huge profits being posted. But with the end of Help-to-buy coupled with the Bank of England increasing the lending rate fourteen times, there was always going to be a point when this sector went into hibernation.

New lending for property purchases is also down, in line with the fewer sales being agreed, and with a new trend of more cash buyers looking to purchase, this puts further strains on the amount of mortgage business being written. Yes there are about 120,000 people a month coming to the end of their fixed rate mortgage deals, but many are looking at variable rates as an option or find they are locked into their existing lender.

PROPTECH-X in association with Estate Agent Networking & NewsNow publications.

Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.

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