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The government will reintroduce smart data programmes across the property sector to improve data sharing across the industry and boost products and services, it confirmed in the Industrial Strategy yesterday.
The document sets out the government’s 10-year plan to significantly increase business investment in eight growth-driving sectors, by making it quicker and easier for businesses to invest and providing them with the certainty and stability needed for long-term investment decisions.
As part of the government’s plan to spend £36m to support new smart data schemes, it will “allow consumers and businesses to share their data securely with authorised third parties in return for improved product offers, tailored services, and financial compensation”.
The document also reveals that the government will explore the potential for smart data in several sectors, including transport, digital markets, and property.
Pexa UK chief executive, Joe Pepper, said: “For too long, property transactions have been slowed and overcomplicated by the patchwork approach taken across the sector to data collection and sharing, given both the complex process and the number of stakeholders involved. We know there is appetite across our industry to move this forward, and it is highly encouraging to see the Government recognise this too.”
“It takes an average of 22 weeks to complete on a property purchase across the UK and more than 30% of property purchases fall through, putting pressure on homebuyers, lenders, conveyancers and, importantly, the economy. Simply put, those numbers are too big. Standardising and improving data through the introduction of a Smart Data framework is not a magic bullet by any means. But it marks an important step forward to speeding and easing this process for all parties, adding to the positive innovation that is taking place elsewhere in the market.”
“With the development of our PEXA Pay payment system in the UK, and the addition of our Sale and Purchase product later this year, working with the industry, we are committed to helping consumers to make property transactions securely, confidently and with certainty. With Government support innovation such as the smart data schemes too, there is now a real chance not just to drive improved outcomes for both the property sector and consumers, but to showcase the opportunity that digital reform can drive.”
Nathan Emerson, CEO at Propertymark also welcomed the move.
He commented: “With the UK government setting itself an ambitious target of constructing 1.5 million new homes in England, any potential measures to help this ambition become a reality are likely to be welcome news for stakeholders. Propertymark has always stated that overly complicated planning systems can hinder much-needed development.
“However, it is vital that other factors slowing down housebuilding in England are tackled head on, such as ensuring a skilled workforce and a robust supply chain are fully in place.
“There must also be an infrastructure-first approach and a sensible degree of local flexibility regarding planning decisions, which is why it is positive to see the Industrial Strategy refer to the need to improve the country’s infrastructure and it mentioned the UK Government’s aim to establish a new National Housing Bank that will help develop financial support to mayors and local leaders responsible for delivering local housing.”
You can view the Modern Industry Strategy here.
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