Government reiterates smart data plans to promote home purchases in industrial strategies – Mortgage Strategy
The government reiterated its plans to promote smart data planning across the real estate sector to “improve data sharing in the real estate industry” and enhance “innovative products and services.” It says in today’s industrial strategy.
The move is part of a £150 million invested by Prime Minister Rachel Reeves in his professional and business services scheme.
Its smart data program is part of a wider professional and business service program in the review, but it is unclear how much the driving force for digital home purchases for driving.
Pexa UK CEO Joe Pepper said: “It takes an average of 22 weeks to complete a property purchase throughout the UK, while over 30% of property purchases fall, putting pressure on home buyers, lenders, transporters, and, importantly, the economy. Simply put, these numbers are too big.
“Anyway, it’s not magic to standardize and improve data by introducing a smart data framework.
Pepper added: “Given the complex process and the number of stakeholders involved, the entire department has slowed and corrected the patchwork method for data collection and sharing.
“We know that there is an appetite in our industry that can drive this forward, which is also encouraging to see the government recognize it.”
The labor and real estate industry is taking a series of measures to digitalize and speed up home purchases.
Pexa said it will launch a fully digital sales and buying platform later this year.
It says it can “turn on critical attribute information to ensure that data can be shared among trusted professionals more easily.”
The department launched a 12-week project “to determine the design and implementation of agreed rules for the industry’s data so that it can be easily shared among traders, lenders and other parties involved in the transaction.”
It added that the Land Registration Center will build on its work on digital property information, lead pilots for 10 months and have many councils to determine the best way to open up more data and digitize it, while the government has promoted plans for digital identity verification services, including the property sector.
The Ministry of Housing notes that those who have collapsed home sales (which affect one-third of transactions) lose about £400 million a year, a total of £1 billion in just 4 million business days lost by transporters and real estate agents.
Last Thursday, the Data (Usage and Access) Act became law, which allows consumers to share data on various platforms.
Labor said this could range from GP surgery to defeating waiting time to price comparison apps that offer a “super personalized experience” to save consumers “money and time” with bills and food stores.”
The government said the bill would inject £10 billion into the UK economy over the next decade.
