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Modernizing Property Transactions

The government has announced major reforms to streamline property transactions and reduce costs for home buyers and sellers. A key focus is the digitization of property data, aiming to make the process faster and more transparent.

Currently, land registry data has been available since 2000, but accessing and using it requires expensive software development. There are solutions that use the data and can analyse the data but subscriptions are costing between £1,500 and £2,000 per month. On top of that, the data is often outdated, as it can take three to six months for solicitors' information  to be updated on transaction details.

To tackle this, the reforms propose improving access to land registry data and ensuring it is updated more efficiently. This could involve upgrading the underlying systems and regulations to speed up the process.

Beyond data, the reforms also address the overall property transaction system. In London, for example, leaseholds, managing agents, and intense market competition create significant delays. One solution being considered is allowing estate agents to manage the entire transaction process while ensuring they maintain proper qualifications.

This shift could lead to better service and faster transactions, as well-trained agents would be better equipped to support buyers and sellers through the often complex and costly process.

The ultimate goal? A modernized, consumer-friendly property market—with improved data infrastructure, smarter regulations, and more accountable real estate professionals.

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