How will the British real estate market be "digital" in 2023?

DNHN - The UK Government and major property industry players have formed a new team to digitally transform UK real estate.

The UK government has announced the formation of a new group dedicated to providing key information on the land and property markets online, which will have a significant impact on the UK real estate market.

The 'Digital Real Estate Market Steering Group' or DPMSG brings together under one roof the major industry players who share a common vision for the land and real estate markets.

Taking on the major issues facing the British real estate industry

According to a notice issued by HM Land Registry on August 1, the British government is attempting to resolve failed transactions and alleviate pressure on the British real estate market. With the timely digital availability of property information, real estate transactions are anticipated to accelerate.

The Land Registry Act 2002, enacted by the British government in 2002, was intended to make electronic transmission a reality and pave the way for other forms of digital access. information on the land and real estate markets. Despite some modernization, the process of providing this service to British citizens has not been seamless. The government recognizes that this cannot be accomplished by a single entity and calls for a collaborative effort involving key real estate players.

Digital transformation for transparency in real estate

The newly formed Digital Real Estate Markets Steering Group (DPMSG), a coalition of government and industry players, brings together the best land and real estate markets at a crucial time. the significance of the industry. The team intends to enhance cooperation in the real estate industry by ensuring that the market adopts the appropriate digital technologies.

In addition to expediting the digital process, the team will ensure that the system is user-friendly, secure, and transparent. Additionally, it will be interested in innovation and collaboration in the British real estate industry.

The team is comprised of members from various regions who are integral to the land and real estate industries, such as land surveyors, real estate agents, legal property professionals, lenders, and carriers. The press release revealed that many of these regions require digital adoption immediately to alleviate market pressure.

Transport Association; Conveyor Licencing Council; Law Association; Attorney management agency; Licenced Conveyor Association; Institute of Notary Legal Executives (CILEX); Construction Society Association; Property search organization board; UK Finance; and HM Land Registry are among the founding members of DPMSG.

This comes at a time when the mortgage crisis in the United Kingdom is at its worst level since 2008.

Towards an effective UK real estate system

The mission of DPMSG is to make the buying, renting, and selling of land and property transparent and secure while maintaining the industry's business-friendly character.

The plan is to streamline and expedite property transactions for consumers, thereby reducing the stress associated with buying and selling land. This is only possible if the real estate market adopts emerging digital technologies and goes digital, according to the team.

Speaking about the formation of the new group, the president of the Law Association, Lubna Shuja, emphasized how digitalization can improve the efficiency of the transaction chain. Shuja adds that features such as digital actions, registration, and identification will facilitate consumer access to asset information and provide them with a clear understanding of the process. This is significant because ready-to-rent properties are increasing in the United Kingdom.

Nicky Heathcote from the Conveyor Association asserts that this will increase confidence in the industry and encourage investment because it demonstrates that government and industry professionals are collaborating.

Areas of focus and outreach

DPMSG will focus on four key areas, including the necessary research and development to go fully digital, the removal of barriers, the empowerment of members to drive change, and the promotion and advocacy for digital inclusion. By 2023, the Digital Real Estate Market will be transparent through data-sharing initiatives and public support.

On September 12, government and industry stakeholders will collaborate under the DPMSG banner to organize a conference in London for this purpose. 300 professionals from the land market and real estate will discuss ways to eliminate obstacles during the event.

Mike Harlow, vice president and chief customer and strategy officer for HM Land Registry, will speak with leaders in a podcast series titled 'Visual Real Estate' hosted by the team. Leadership in addressing the challenges confronting the industry.

Bao Phuong