At the end of 2017 and the beginning of 2018, there have been a number of news stories that catch attention and trend on social media. One of the most enduring stories in recent times is Bitcoin and it is likely that you will have heard how this cryptocurrency has increased significantly in value. This may leave you thinking you should have invested in a long time ago but being honest, many of us probably don’t understand Bitcoin or how it works.
However, it seems as though Bitcoin is becoming prominent in the mainstream media and this currency type isn’t going to go away. You’ll find that there are more and more companies and people accepting Bitcoin, and the fact that Bitcoin has now been used for property purchases in England is of particularly interest.
Bitcoin can be used to buy property
The development company who claims to have been involved with the first two Bitcoin property purchases in the UK are Go Homes. This company has no doubt generated a great deal of interest in their activities by going public on these sales, but there is no denying that there will be a good level of interest in Bitcoin with respect to property deals. It may be too early to say that this will be a game-changer in the property market but anything which increases options or helps people to buy has to be seen as a good thing.
The first Bitcoin property purchase took place in Colchester with a four bedroom family home being purchase. The second purchase was in Hertfordshire and here, a four bedroom townhouse, was sold. With Go Homes saying that they will gladly accept payments of this nature for any future development they have, it is likely that many developers will be paying close attention and could even consider following suit.
Bitcoin has been used for rent payments in London
When it comes to the London market, there has been no big announcement about any cryptocurrency purchases although it wouldn’t be surprising to learn that there has been some. What can be said is that there is a London property developer which accepts rent payments and deposit payments via Bitcoin. This company is called The Collective and they cite interest and requests from foreign investors as being the reason they started to offer this payment option for clients.
Not everyone is convinced that Bitcoin is a suitable currency option for them. While there is a high level of security attached to this currency option, some people believe that the security and anonymity associated to Bitcoin attracts the wrong sort of clientele. It would be wrong to say that this is the case for many or most of the users but clearly there is a need for each individual to determine whether they are comfortable with this cryptocurrency or not.
However, there is no doubt that this currency is an issue that is becoming relevant in modern society and it is likely to have an impact on the UK and London property market. If you want to make sure that you stay in touch with the latest property market news and developments, stay in touch with Regent Property and we are more than happy to help.