Digitalise property data to speed up process to buy house
The government is considering a plan to digitalise data shared during a property transaction to reduce delays and speed up the process to buy a home. Labour has announced a 12-week project to decide on the “design and implementation of agreed rules on data” so that it can be shared more easily between all involved in a transaction.
The changes hope to bring the “cumbersome” process into a modern age, allowing information that is usually paper-based or not machine-readable to be more easily shared.
“We are streamlining the cumbersome homebuying 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,”
housing and planning minister, Matthew Pennycook, said.
This is part of the Labour party’s plan for housing which also includes overhauling planning rules, building 1.5 million homes, and reforming leaseholds. Legislation is expected soon to give leaseholders more power in the way their service charges are spent.
When buying a home, conveyancing can usually take weeks. Waiting for the documents required for property searches can be among the reasons for delays. Rightmove says it takes an average of five months from an offer being accepted to moving into a property. To digitalise the property market would be crucial in accelerating the entire process.
The give months is an addition to the initial two months to find a property and agree on an offer, Rightmove’s chief executive, Johan Svanstrom said. “The current process also contributes to an average of more than one in five home sales falling through, and hopefully a better process can help reduce this as well,” he added.
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