Property professionals must prepare early for digital home-moving reforms, industry leaders warn
Beth Rudolf said: "Get involved and make sure any unintended consequences are sorted before it becomes law.”
Industry figures urged property professionals to start preparing for digital home-moving reforms rather than wait for new requirements at a recent webinar held by LMS’s National Property Transaction Network (NPTN),
The session followed the Government’s reform roadmap and covered the use of smart data across property transactions.
More than 180 property professionals attended the webinar, titled Property Market Reform: Making Sense of the Moving Parts.
Travis Scholes, commercial director at LMS, hosted the discussion.
The panel included Beth Rudolf, director of delivery at the Conveyancing Association, Leon Ifayemi, director of coalitions and research at CFIT, and Maria Harris, chair of the Open Property Data Association.
The Government’s first Smart Data Schemes are set to be operating by 2030.
The public call for evidence on cross-sector Smart Data is set to close on 1st October.
Harris said: “A huge amount of input into getting these things right is having frontline business and operational people in the room, so that we can shape any proposals around real transactions and what obstacles are actually holding them up.”
The panel noted that Material Information, Sales Packs and digitisation are likely to become mandatory.
It said firms can prepare by testing digital processes intended to reduce duplication, shorten transaction times and cut the time spent chasing information.
Ifayemi said: “We don’t want a world where change is forced through at the last minute, at far greater cost to everyone involved.”
Rudolf said: “Talk to us, we need to know from you what you need […] engage early and come and try things now.
“This is the government’s opportunity to see the solutions develop to deliver the maximum benefits before they legislate; so get involved and make sure any unintended consequences are sorted before it becomes law.”
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