The government is to digitize the slow, 'funny' home buying and selling processes, entering important real estate information at the 'finger', and significantly reducing the time it takes to complete a real estate transaction. . It has been announced.
Measures include digitizing existing paper-based documents such as building highway information and control data, as well as setting up common electronic protocols to access, share and verify data. 
Pennycook is under a completely rigid home buying and selling process, where key parties need information from mortgage companies to surveyors, “within immediate reach and the necessary identity checks are available ( It claims it will be carried out.”
The minister says the average “offer to completion” time of almost five months is too late, and is the most common complaint cited by people who move into the house.
There's no surprise
Once this is resolved, the government wants to see clear information that has become available much faster in real estate transactions, so you won't be surprised to see late in the transaction. 300,000 sales collapse each year with carriers and agents.
Given that much of the foundations of this initiative have already been completed through the real estate industry, the liaison committee with the home buyer and seller group, the government clearly wants to move faster and set up the system 12 He says the weekly project will be the first. Once completed, there are several 10-month pilots with selected councils. It also completes existing work aimed at standardizing digital ID verification.
“We streamline the home buying process that's perfect for the 21st century, reducing the number of downturned home sales while saving home buyers money, buying time and reducing stress.” Housing Minister Matthew Penny Cook said.
Just a few weeks ago, Zoopla completed a survey that found that nearly two-thirds of Home had moved to the house was more stressful than expected. This is only 11% of people find the process “smooth,” with ALTO Software Group CEO Ric Dawson commenting: This feeling of frustration, and often true losses, are not limited to buyers or sellers. Agents have a difficult time navigating their role as intermediaries. .
“We work with agents to know that early access to housing transaction data is key to a smoother process.”
Prior to this announcement, Penny Cook took over as chairman of the Digital Property Market Steering Group. The group consists of organizations representing a variety of professions involved in the purchasing process, driven digitization of home sales systems and for sale.
Industry reaction
Beth Rudolph, Communication Association
“We've been deeply involved in driving the agenda of digital property data and what greater provisions can be achieved,” she says.
“This is not just used to buy and sell homes. It offers much greater benefits throughout the real estate lifecycle and the correctness of real estate data whenever the party needs to trade or act if it's a remalt. You can have a view, modify or find the planning application, to give purpose, or to meet net zero targets.
Rudolf also states that while the economy and the nation have broader advantages, the key benefit is the reduction in waste and duplication of tasks that “often add significant time to property transactions.”
“All we want is uncertainty, frustration, wasted money, waiting for all aspects to help alleviate the stress of people buying and moving, much more, digitally enhanced. It was a process she adds.
“We at CA are extremely supportive of this announcement and we plan to work with the government and all other stakeholders to make it happen as soon as possible.”
Kate Faulkner, OBE, Chair of
“Government support for the digitization of property data is a game changer across the home ecosystem,” she says.
“Currently, this process is upset by paper-based information, causing delays and inefficiencies for all involved.
“By digitizing processes that contain hundreds of critical information needed for property transactions, this helps pave the way for faster, more seamless transactions.
“This digital transformation will enable agents, surveyors, law firms, mortgage lenders and other technologies supporting housing mobility services to provide a “source of one truth” from the start of buying and selling processes, and ultimately It can bring quick profits to home buyers and sellers. More transparent transactions and drop-throughs. ”
Johan Svantrom, CEO of Rightmove
“Digitizing the real estate market is key to helping speed up the movement process,” he says.
“If plans set up today can drive access to information and improved trading processes, it is also important to be successful in driving industry-wide adoption of high-tech solutions and collaboration.
“The current process also contributes to an average of one or more sales of five home sales.
Nathan Emerson, CEO of PropertyMark
“We welcome plans to speed up the buying and selling process through suggestions to better utilize technology,” he says.
“The housing sector will benefit greatly from the digitalization of real estate transactions. Such commitments will ultimately bring enormous consumer value and help streamline systems that need to go on for a long time.”
Mike Sainsby, Property Searches Direct
“We believe that the current system is clunky and outdated, requires overhauling, and our platform gives buyers and sellers the opportunity they need to do things differently,” he says.
“When carriers see contracts and mortgage offers, they only consider search orders.
“If the buyers can know that the property is fundamentally wrong for them after the first 48 hours after making the offer, they will have the opportunity to retreat and find something more appropriate. If you find any issues with the removal van, it is much more difficult to pull out because it has been booked and has a wider plan in place.”
Simon Brown, CEO of Landmark Information Group
“The Landmark welcomes this step from the government to improve the home buying and selling process, an important step for the housing market after slowing down years of growth.
“Our data shows that the average real estate purchase transaction takes 120 days due to the complex, fragmented transaction process.
“We believe our top priority is to modify the process itself through a broader real estate industry collaboration. After that, the digitalization of the sector and greater sharing of data will undoubtedly be enough to streamline the process even further. It's helpful.
“For this transformation to be truly effective, it is essential that governments and industry work together to ensure seamless implementation and engage with a wide range of industry voices in future work on this issue. We will move forward with this. I look forward to working with the government to make it happen.”
Read the recent ViewMyChain-sponsored report, “The Future of Property Sales.” This includes key industry figures examining the many issues facing the real estate sales process, including the need for digitalization.
