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I have now had a look at the clickpurchase site. It looks very much like an online auction. The sellers solicitors put together a full package of contract documents including the local and other searches, and the punter gets his solicitor to read it all, and then makes an offer. Once the offer is accepted the Electronic Hammer falls, and - Bingo! the contract is exchanged online.
That model does not work for the average house buyer, who has to tie in his sale, and or his mortgage, and cannot be committed to the transaction at the instigation of the seller alone.
Nor will it work for many commercial transactions where purchasers need finance.
Perhaps the model can be tweaked to allow for these situations, but the biggest drawback will be the reluctance of any purchaser to find that their offer has suddenly become a binding contract.