Following the Government’s cut to Stamp Duty last week Coadjute is calling on property professionals to adopt a new digital infrastructure to combat delays.
When the Government implemented the Stamp Duty holiday as part of its Covid recovery measures the market faced long delays due to increased transactions.
And Dan Salmons, chief executive of Coadjute, has warned it could happen again unless professionals embrace new technology.
He said: “As we’ve seen with previous Stamp Duty cuts, the consequence will likely be a significant spike in demand for the services of the various parties involved in the transaction process.
“Today, each and every property sale already involves an enormous amount of administration. The last time there was a Stamp Duty cut, property professionals were placed under incredible pressure. Despite their best efforts, there were still backlogs and delays, and inevitably there was a rise in transactions falling through.
“To avoid history repeating itself every time this happens, the property market needs to adopt new digital infrastructure. While there will always be surges and dips in property market activity, new technology has the potential to make transactions quicker and easier and reduce frustrations across the board.
“Coadjute, the company digitally connecting the UK property market, is building a solution that not only makes property transactions easier and quicker but also saves time and effort for all the parties involved. The network is quick and easy to get on and use, and could be an absolute godsend for those hard-pressed professionals hit with a wall of work.
“It also provides transparency on what is happening in real-time for all parties including buyer and seller, which is more important than ever during busy market periods when progress is slower than usual.
“This Stamp Duty announcement underlines the need for this market to have a digital infrastructure that enables it to work efficiently so estate agents and conveyancers have the tools at their disposal to make it function at all times, particularly during periods of higher demand and activity.”
