The Land Registry has labelled the property system in England and Wales “slow, complicated and lacking modern digital experiences.”
Setting out its new Strategy 2025+ priorities, the Land Registry warned that transactions often fail, with more than a quarter not completing, causing a financial loss of around £400m for those trying to sell.
This impacts individuals, businesses and the economy.
A digital property market would help fix this, Land Registry said.
By 2030, the Land Registry said it will make its services and information “as easy as possible to access, understand and use,” while by 2035 people will be able to make simple changes to their property ownership details themselves.
It promises to be using AI and technology by 2030 to automate as much as possible and as quickly as possible and said that by 2035 it will be “automating more complex cases, alongside experts who are providing human quality assurance, decision-making and focused customer support.”
Additionally, the Land Registry said that by 2030 it will use agreed data standards to digitalise, sort and share its data, while all information it holds will be accessible online by 2035.
Iain Banfield, interim chief executive and chief land registrar at the Land Registry, said: “HM Land Registry is undergoing its most significant transformation in over 20 years to serve our customers better.
“Strategy 2025+ represents our commitment to unlock a better, faster and less stressful property market for everyone through improved digital services, enhanced expertise, and customer-centric approaches.
“This transformation will play a key role in supporting government ambitions – from building new homes and regenerating places, to unlocking clean energy infrastructure and transforming planning.”
Source: Estate Agent Today
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