Image source: Richard Townshend, CC BY 3.0
The Ministry of Housing, Communities and Local Government (MHCLG) has announced two initiatives to promote the digitalisation of the process for selling and buying homes.
It is beginning a 12-week project working with HM Land Registry to identify the design and implementation of agreed rules on data for the sector to make to share between conveyancers, lenders and other parties.
In addition, Land Registry is to lead a collection of 10-month pilots with local authorities to identify the best approach to digitising their data and opening it up.
These will be accompanied by government continuing its support for the development of digital identity services in areas including the property sector.
The initiatives will be carried out in conjunction with the Digital Property Market Steering Group, a collection of industry and government experts for which MHCLG recently took the responsibility of chairing.
Quicker process, fewer fall throughs
The ministry said the moves reflect the need to digitalise property transactions and ensure the relevant data can be more easily shared. This is intended to speed up the process and reduce the number of fall throughs, which it said affects one in three transactions.
Housing and Planning Minister Matthew Pennycook said: “We are streamlining the cumbersome home buying process so that it is fit for the 21st century, helping homebuyers save money, gain time and reduce stress while also cutting the number of house sales that fall through.”
The steering group was launched in August 2023 with the aim of accelerating the adoption of digital technology in the property market. It includes legal property professionals, surveyors, conveyancers, lenders and estate agents.
