Landmark Information Group, the UK’s largest source of property and land data, hosted a roundtable at Portcullis House, Westminster on Tuesday, chaired by Natalie Elphicke MP. Industry leaders including representatives from HSBC, Rightmove, First Title, Simplify, L&C Mortgages, Mortgage Advice Bureau, Movera (O’Neill Patient Solicitors LLP), PropertyMark, Yopa, TwentyCI, View My Chain, Property Academy and Sort Group addressed the vital need for change and how it might be best tackled.
There was significant consensus for greater cross-industry collaboration to streamline the home buying and selling process. It was agreed that the transactions pipeline could be improved to provide a quicker, more certain process for consumers by drawing on new ways of working, as well as technology to provide the correct information earlier in the transaction.
However, speeding up the transaction process requires all businesses involved to evolve new processes and faster data sharing. Solutions included renewed calls for government intervention, such as a new national ambition for focusing on how long the home buying and selling process should take in different circumstances, as well as the reduction of regulatory red-tape.
Also in attendance, the Department for Levelling Up, Housing and Communities team supported calls for better use of upfront information. They referenced that the Department were investing £3 million in prop-tech pilots and open data funds to reduce the siloed information and uncertain processes, which cause major inefficiencies and delays to the homebuying and selling process.
Simon Brown, CEO, Landmark Information Group set the scene by outlining the current challenges within the market and Landmark’s vision for future market transformation: “Today’s discussion outlined the need for greater collaboration between industry and Government if we are to transform and unlock the full potential of the property market. Not only would reform enable more people to get on the property ladder, but it would also crucially be a huge boost for the economy.
From our data, we can see that despite recent improvements, transaction times have increased significantly over the years, indicating systemic challenges preventing the market from moving at pace. We need a strategy that sets new standards for modernisation and digitsation to accelerate the market.”
Natalie Elphicke MP, Member of the Levelling Up, Housing and Communities Committee said: “Buying and selling a new home is a key life event of huge financial importance. Yet it is too often beset by delay and bureaucracy which leads to unnecessary expense and sales falling through.
Landmark Information Group’s Parliamentary Roundtable shows that there are technology solutions and processes to cut through the red tape, improve sales rates and get better consumer outcomes too.
With the willingness and collaboration of the industry together with support from government, faster and better information and processing is a win-win for everyone buying and selling a home.”
In a bid to maximise the Government’s commitment to allocate £3 million towards improving the home buying and selling process, attendees called for government intervention to reset market expectations and drive industry-wide improvements. This would alleviate the burden on professionals, accelerate tech adoption, and fortify the transaction process, which would unlock economic potential and open up homeownership for more people.
This would help address the following three challenges facing the market:
- Overburdened professionals: a growing list of tasks and required administration that is leaving professionals stretched.
- Lagging tech adoption: information is not readily available to help people do their job or keep movers informed.
- Fragile process: transactions are at the mercy of repeated information requests and the process moving one small step at a time.
In light of recent commitments from both the Conservative and Labour parties regarding housing market issues, this roundtable served as a crucial platform for industry stakeholders to engage directly with policymakers and shape the future of the property market.
