UK property developers, Go Homes has announced the sale of two luxury homes using Bitcoin.
The first is a four-bedroom detached £350,000 family house in Colchester which is still under construction. The buyer, a software developer, made an early killing on the cryptocurrency and is now converting it into bricks and mortar by buying a new home as an investment property. The second property sold by Go Homes is £595,000 four-bed townhouse in Hertfordshire.
Ed Casson, group sales director of Go Homes, said this re-writes the rule book and shows there is another way to sell property. Our industry has largely remained unchanged in terms of innovation in the last 50 years. We are taking an opportunity to embrace this technology.
Go Homes, claims that property sales using Bitcoin will become common in the next five years, and will accept the currency on any of its upcoming 250 homes. At this stage, however, there is no sign that the major players are set to join the craze. Although, The Collective, has announced it will allow tenants to pay their rent using the cryptocurrency.
What is Bitcoin?
Bitcoin is a form of digital currency, created and held electronically. It is an extremely volatile currency – though its value has soared over 2017, the value of a bitcoin can fall quickly too.