New plans to accelerate the home buying process have been announced, aiming to modernise and streamline the way properties are bought and sold. But will they work, and what do they mean for buyers and sellers?
We live in a digital age where online banking and investing are the norm. However, the property market has lagged behind in adopting modern technology, with conveyancing delays still a common frustration for buyers and sellers.
Currently, the home buying process remains largely paper-based and slow-moving, with an average of five months from sale agreed to completion.* In response to this, the government has introduced a plan to digitalise property transactions, aiming to speed up the conveyancing process and reduce the number of sales that fall through late in the process.
What’s Changing?
The new strategy focuses on improving efficiency by ensuring key information is readily available to solicitors, mortgage lenders, and surveyors from the outset. This initiative could help reduce property transaction delays by allowing buyers to make informed decisions earlier.
Key aspects of the plan include:
- Developing a digital identity verification service for the property sector.
- Running pilot schemes with councils to explore the best ways to make more property data available online.
The hope is that by embracing digital conveyancing, buyers will face fewer unexpected issues, sales will progress more smoothly, and completion times will improve.
Will It Work?
Industry leaders are largely supportive of the initiative. Rightmove CEO Johan Svanstrom stated:
“Digitising the home buying process is key to helping speed up the moving process.”
Propertymark CEO Nathan Emerson also welcomed the move, stating that digitalising property transactions could bring enormous benefits to the housing sector.
However, not everyone is convinced. Some property solicitors argue that paperwork is not the main issue—conveyancing red tape is. They believe that inefficiencies within the system, rather than outdated documentation methods, are the real cause of property transaction delays.
When Will We See Results?
Digitalising the home buying process is a complex and large-scale task. Many within the property industry believe that while this is a positive step, it will take time before significant improvements in conveyancing delays are seen.
What Can Buyers and Sellers Do Now?
While these changes may take years to implement fully, some property sales already complete in significantly less time than the five-month average—sometimes in as little as six weeks. To improve their chances of a swift and successful sale, buyers and sellers should:
- Work with an experienced estate agent: Choosing a proactive estate agent with strong communication skills is critical to keeping a sale on track.
- Research conveyancers carefully: The cheapest option is not always the best. Some conveyancing solicitors handle a high volume of cases, leading to slower response times.
- Be prepared: Sellers should ensure they have all necessary documentation ready before listing their property. This can significantly reduce conveyancing delays and prevent last-minute issues.
Final Thoughts
The home buying process is set to undergo significant change, but while digitalisation could speed things up in the future, buyers and sellers must still take proactive steps to ensure a smooth transaction.
If you’re considering selling your home, contact us today for a free property valuation and expert guidance on navigating the property market.
*Rightmove, January 2025.
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