Ministry to digitalise property data to speed up homebuying process Project aims to enable faster information exchange among involved parties to modernise ‘cumbersome’ process.
The housing and planning minister, Matthew Pennycook, said: “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.”.
The website Rightmove said it takes five months on average from an offer being accepted to moving into a property, and that “digitising” the property market is key to helping accelerate the process.
A “fully digitalised” homebuying and selling process would mean mortgage companies and surveyors can access the information they need immediately with identity checks only carried out once, the Ministry of Housing, Communities and Local Government said.
Svanstrom added: “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.”.
