From the end of October 2024, UK banks will be able to hold payments for up to four days whilst investigations of potential fraud are carried out, raising concerns that the large transactions needed for property purchases may be incorrectly blocked. The change follows stricter rules on fraud compensation which came into force on 7 October 2024, meaning that banks must refund scam victims up to £85,000 within five days.

From 9 December 2024, fees will double for accessing and obtaining copies of title plans and registers – the first change to the cost in more than 10 years – and customers with automated systems are advised to make the necessary changes to their systems before the implementation date. According to HMLR, even with this increase, most customers will pay less than in 1992.

Under the Energy Performance of Buildings (England and Wales) Regulations 2012, a valid EPC rating must be shown in any property listing produced by the seller, landlord, or agent, unless the building has a valid exemption. This includes listings on property portals, window displays, and any printed material. Failure to comply with the law could result in a fine of £200 per advertisement.

Propertymark's monthly Housing Insight Report has identified a significant deterioration in the number of transactions progressing from offer acceptance to exchange of contracts within 12 weeks. In the first of our research spotlight series, this report looks into the reasons why the time taken to exchange contracts is elongating.

Propertymark has written to Housing Minister Lee Rowley, MP, to highlight a growing trend for insurers to decline or charge more for cover on properties that have been remediated within the funding limits provided by the UK Government, leading to more costs for hard-pressed leaseholders.

The cross-party Levelling Up, Housing and Communities Committee (LUHCC), chaired by Clive Betts, MP, is gathering evidence on the stumbling blocks to improvements, and has highlighted a lack of transparency around conveyancing services, ‘referral fees’, and the regulation of estate agents as key areas of focus. Propertymark has submitted written evidence to the LUHCC and our Head of Policy and Campaigns, Timothy Douglas, spoke to the Committee in person on 13 May 2024.

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.

The Home Buying and Selling Group (HBSG) has arranged the test and learn scheme involving a group of lawyers and conveyancers to iron out specific barriers to the adoption and use of logbooks for property transactions. For logbooks to be effective, widespread adoption across the industry is essential, and the HBSG is also planning engagement with surveyors and estate agents.

There are numerous ways that upfront information can help agents in today’s property market, including making it easier to value and list a property, and streamlining the buying and selling process . Propertymark encourages members to verify property details with HM Land Registry (HMLR) as best practice, particularly following the publication of Trading Standards’ full material information guidance in November 2023.

We’ve formed a landmark co-investment partnership with TDS to boost funding for REACH UK, a technology scale-up program which helps innovative new technology companies grow in the property sector through education, mentorship, and market exposure.

Propertymark’s position paper comes off the back of the renewed efforts to improve the home buying and selling process. In this paper, we have presented the agents’ perspective to ensure that future regulations reflect the evidence our members are seeing on the ground and that future actions respond to the largest challenges affecting the process.

HM Land Revenue (HMLR) provides vital information for agents listing properties to let and sell and completing the sales process. Quick, cost-effective access to these services is more important than ever as the industry adjusts to the latest material information guidance.

The Department for Science, Innovation and Technology (DSIT) has published findings following a public dialogue, with simplicity, keeping control of personal data and robust complaints procedures emerging as key issues for digital identity services.

If the Leasehold and Freehold Reform Bill becomes law, it’s expected that the sales market for leasehold properties will be reinvigorated. Leasehold is a complex area and can be intimidating for agents and consumers, so what are the fundamentals of the current situation, and how will this change if the Bill is introduced?

Propertymark is a founding member of the Digital Property Market Steering Group (DPMSG) which represents areas of the sector with the greatest potential for accelerated digital adoption. Today, 17 January 2024, sees the group publish its roadmap to drive crucial change in the land and property market, with information sharing, digital ID checks and AI research among the first key priorities.

The Data Protection and Digital Information Bill (DPDI) passed its Second Reading in the House of Lords on 19 December 2023 and once introduced, it will support the development of secure digital identity services which promise to speed up property purchases, reduce fraud and revolutionise the customer experience.