The government has unveiled a major digital overhaul of the property transaction process, aiming to reduce delays, prevent fall-throughs, and modernise the system.

Key Changes Proposed:

• Digital-first approach: Key property data (e.g., building control and highways info) will be digitised and standardised.
• One-time ID verification: Buyers and sellers will no longer need to repeatedly verify their identity, reducing admin.
• Improved data sharing: Conveyancers, lenders, and surveyors will have immediate access to essential property information.
• Faster transactions: Learning from Norway, where sales complete in one month, the government hopes to cut transaction times from the current five-month average.
• Reducing failed sales: Fall-throughs affect 1 in 3 transactions, costing homebuyers £400m annually and wasting 4 million working days for property professionals.

Implementation & Industry Support:

• A 12-week project will define data-sharing standards.
• HM Land Registry (HMLR) will pilot 10-month trials with local councils to digitise property data.
• Digital identity verification services will be expanded to property transactions.

Industry Reactions:

• Beth Rudolf, Conveyancing Association: Supports the initiative, saying it will benefit remortgages, lettings, planning applications, and net-zero retrofitting.
• Johan Svanstrom, Rightmove CEO: Acknowledges the challenges but welcomes efforts to reduce delays, calling current transaction times “painful” and “ineffective.”

The Bigger Picture

These reforms align with the government’s Plan for Change, which aims to streamline transactions, increase housing market efficiency, and support economic growth.