The government’s proposed reforms of the homebuying process will act as a positive ‘electric shock’ for the industry.
That is according to Claire Van der Zant, chief executive of technology consultancy Novus Strategy, who felt the digital advancements will aid this transition.
She said: “The industry has been asking for more government leadership on this issue and these reforms are the electric shock that could transform the homebuying process from a frustrating, painful inconvenience into an aspirational experience not to be avoided.
“The reforms will give the sector’s innovators confidence that there’s a common goal, with government setting clear expectations and direction.
“They’re also extremely timely, given that technology has reached a level of digital maturity capable of delivering the transformation people and businesses desperately want to see. If anything, the government is undercooking the potential benefits. Cutting four weeks off transaction times is pretty conservative given how far-reaching these proposals are, and the dividend for businesses is set to run into the billions.”
Van der Zant added: “If delivered successfully, we’re talking about the complete overhaul of the process and the full deployment of Horizontal Digital Integration (HDI), knitting open networks and data standards together in a way the market has only been exploring with a relatively small number of consumers so far.
“There are many organisations out there already testing these initiatives, albeit in smaller, controlled pilot phases. The government’s plans will help to accelerate scaled delivery, with upfront information key to driving the transparency needed to prevent so many abandoned purchases.”
The conveyancing process, where contracts are exchanged, is seen as one area vastly in need of improvement.
Mark Chick, director of ALEP (the Association of Leasehold Enfranchisement Practitioners) and senior partner at Bishop & Sewell LLP, said: “We look forward to discussing further the opportunity for change and improvement in the conveyancing process, although do we note with caution the issues caused by previous attempts to reverse the emphasis by the introduction of ‘Home Information Packs’ and we very much hope that any proposed reforms will look to learn the lessons from the past in this area.
“We look forward to engaging with government and other bodies to ensure that the chances to improve matters for all involved in the home buying and selling process, be they leaseholders, freeholders or property managers to bring about effective and lasting change.”