The government announced major plans last week to modernise the house buying and selling process. The reforms centre on digitalising and making property and identity data available electronically. This will allow mortgage companies and surveyors to have information within easy reach.
It is thought that these changes will help to avoid surprises being encountered late in the process, with the waste of time and money that goes with that.
In Norway, property transactions complete in around one month and the reforms take account of learning about how this has been achieved.
HM Land Registry (HMLR) is involved in the changes and the next step is a 12-week project to identify the design and implementation of agreed rules so that the data can be easily shared. HMLR will also be working with councils over coming months on how to open up more of their data and make it digital.
For estate agents and surveyors these reforms could make a big difference to the amount of time and money lost in sales falling through.
See: https://www.gov.uk/government/news/home-buying-and-selling-to-become-quicker-and-cheaper
The government is consulting on potential measures that target Electronic Sales Suppression (ESS). Proposals include the introduction of new software standards for Point of Sale systems. Electronic Sales Suppression (ESS) involves businesses using software or devices to manipulate Electronic Point of Sale (EPOS) systems to hide transactions and evade tax.
The June 'UK Report on Jobs' shows subdued business confidence driving a preference for short-term staff. Temporary staff billings rose at the steepest rate in over three years, while permanent staff appointments continued to decline, although at a much slower pace than in May.
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