A Stamford-based technology company has launched an anonymous bidding platform for residential property transactions in England and Wales, aiming to address issues surrounding gazumping and sales fall-throughs.
Openforoffer.com, led by digital financial executive Steven Myers, provides a real-time, anonymised ‘order book’ for each listed property. When buyers submit offers, the platform displays the bid amount, timestamp, chain status, and funding type publicly, whilst withholding personal identity information.
Market context
The platform enters a market where 37% of buyers have experienced gazumping in the past decade, and approximately 30% of property transactions collapse before exchange of contracts. These challenges in the UK housing market have long been recognised as sources of inefficiency for agents and frustration for buyers and sellers.
Myers stated: “Every other market in the world – stocks, commodities, even used cars – shows you what buyers are willing to pay. Property is the biggest financial decision most people will ever make, and they’re making it blind.”
Pricing structure
According to the company’s website, traditional property portals cost agents £268 per house sale, whilst Openforoffer.com charges between £125 and £575 on a tiered scale based on property value. The platform also incorporates AI-driven property valuation tools to assist buyers in formulating competitive offers.
Myers referenced Scotland’s property transaction system, which outlawed gazumping and maintains a fall-through rate below 1%. “We’re not waiting for legislation. We’re building the infrastructure that makes gazumping economically irrational,” he said.
Adoption challenges
The platform’s effectiveness will depend on widespread adoption among buyers, who must provide detailed information upfront. The company contends that opacity in England and Wales’ property bidding system drives the high rates of gazumping and transaction failures that affect both agents and homebuyers.
The launch comes as the property sector continues to explore alternative transaction models to improve efficiency and transparency in residential sales processes.