Oak consortium uses digital marketplace Vesta to sell over 100 homes

Michael Lloyd

May 31, 2018

Oak consortium, which includes Mill Group, Bovis Homes and Homes England, has used Vesta, a digital property marketplace for the private rented sector, to sell over 100 homes worth nearly £24m.

The portfolio included 65 two, three and four-bedroom houses and 39 two-bedroom flats in Bristol, Gloucester and Hampshire. Vesta was launched earlier this year and the firm claims its web platform delivers a faster, more efficient, secure and robust buying and selling experience.

A spokesperson for Oak said: “Vesta provided a very competitive option within their marketplace, providing maximum reach to an assortment of potential buyers.

“This ensured that the best price could be achieved and their fixed fee structure offered great value, saving over six figures, when compared with the traditional approach.

“Importantly, selling properties with tenants in place is both socially and commercially positive.  It not only creates stability for tenants but also preserves rental income for both the seller and the buyer.”

Russell Gould, Vesta’s chief executive, said: “This recent transaction demonstrates our marketplace working in practice – a process that we believe will be the norm for the residential investment property sector in the next few years.

“Our aim is to bring together housebuilders, developers, buy-to-let sellers, buyers and property investors, allowing all parties to move quickly with simpler and assured processes – truly revolutionising the PRS sector.

“Vesta is building a unique marketplace that brings together the entire spectrum of PRS including traditional rental, airbnb, holiday lets, HMOs and in the near future BTR property offerings.  The key theme is the properties are already, or have the potential to be, income generating.”

When using Vesta, each property comes with full documentation including tenant history, valuation reports and surveys which will aim to increase completions, speed and a buy process that will reduce the chances of gazumping.

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