The digitisation of the UK property market has continued with the launch of Coadjute, a real-time network to speed up property transactions. Launching with the first live property deal on the network, a house in Kent, Coadjute has ambitions to reduce the five-month average process for buying and selling property by half.

Seven software companies focused on the property industry – including Dezrez, MRI, VTUK and Reapit – have already signed up to the Coadjute network and it has the full backing of the Land Registry.

With more than 25% of deals currently falling through and billions of pounds lost as a result, Coadjute is introducing blockchain technology used for foreign trading and huge transactions to help solve this problem. For the first time, all parties involved in a property deal – including the estate agent, conveyancer, mortgage lender and broker – can track the live progress of the transaction from start to finish, from their existing software.

Coadjute aims to get rid of those many small delays and gaps in the process caused by miscommunication or a disconnect between buyer and seller, that when combined can add up to a bigger issue.

The company stated: ‘From banks waiting for documentation to missed calls or emails, all these small delays add up. With the Coadjute network, there is greater transparency, a reduced risk of fraud and an accelerated process with significantly less admin. Conveyancers will be able to protect sensitive client data by Coadjute’s encrypted network, which only the conveyancer and the receiving party can see.’