Next steps for Smart Data-driven home buying and selling

The UK Government has set out the actions it will take over the next two years to facilitate the data economy and drive growth and innovation in a range of sectors including the property market. By Summer 2024, the Department for Levelling Up, Housing and Communities (DLUHC) is expected to launch some pilot projects which will inform future digitalisation of the home buying and selling process.

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Increasing consumer power

The average person only moves house once every 19 years, which means that customers are not familiar with the market, the buying and selling process, or the range of businesses and services on offer. This lack of experience and information results in many people choosing the lowest-priced option by default rather than the one that best suits their needs.

The Department for Business and Trade (DBT) believes that better-informed consumers will be more empowered and increasingly competition will be based on service as well as price. Educating consumers about the role and performance of professionals in the sector will enable them to make better decisions about which are right for them and how to hold them to account.

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05 Jan 2024
Data sharing framework to enable digital homebuying

Digitising the system

The sector remains overwhelmingly paper-based (with the average transaction generating 130 documents) and with very little automation in place. The current data in the sector is fragmented and difficult to access, leading to a time-consuming process.

Improving the availability and standard of data will also reduce fall-throughs which happen due to information coming to light after an offer has been made. Fall-throughs cost consumers £260 million per year. Within the industry, estate agents and conveyancers alone lose £1 billion, and around 4 million working days each year.

The DBT states its intention to work with stakeholders to make key information available to consumers upfront and in a digital format, enabling them to make more informed decisions about whether to make an offer on a property. 

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08 Apr 2024
Propertymark backs the next proptech revolutionaries

Identifying opportunities  

​The UK Government plans to explore the use of Smart Data powers in the home buying sector through the Data Protection and Digital Information Bill (currently in its Report Stage in the House of Lords) and will launch pilot projects to inform future digitalization of the process.

In the 2023 Autumn Statement, £3 million of funding was allocated to run pilot projects in home buying and selling which will inform the development of a future Smart Data scheme. DLUHC is expected to announce details of the projects in Q2 2024.

Download The DBT Smart Data Roadmap