HM Land Registry is moving towards achieving the next stage of its digital transformation process, with the launch of Strategy 22+ being cited as the key to “enabling a world-leading property market” [1] here in the UK.
What Is Strategy 22+?
In the simplest terms, Strategy 22+ is the name of a business plan devised by the HM Land Registry that will map out its journey to achieving a fully digitised property buying service, which will cut out the frustrating delays currently experienced by many customers, and make the most of the latest advanced digital technology tools and solutions. Such technology tools are likely to include digital ID and e-signatures.
HM Land Registry believes that this change is much needed, as the current method for purchasing property in the UK does not meet expectations for a modern, professional home buying service, with many buyers and sellers finding it both stressful and unclear. The intended result is to create an online service that is entirely paperless, fully transparent, and far simpler for the customer to navigate. The full corporate report for the new strategy can be read here.
Why Now?
The recent growth of the UK property market has had a knock-on effect on the customer experience, with property purchases now taking a record time to reach completion. This means that the time is right for a new approach, which will put people using the service at the heart of the process.
Business Minister Lord Callahan, commenting on the launch of Strategy 22+ also raised the point that many different industries across the UK are embracing digital transformation, and by joining them, the property sector can also benefit from the boost to productivity and growth that this transformation can deliver. Strategy 22+, together with the completion of the Local Land Charges Register, will also contribute to the Government’s “Levelling Up” agenda.
The Strategy will also provide a powerful boost to the UK economy, as it will reflect HM Land Registry’s commitments to making property data more transparent and easier to use. It will also make the property sector’s data handling more sustainable and contribute to the UK’s Net Zero targets. The creation of the Local Land Charges Register is itself predicted to add £3 billion to the economy [2], whilst the implementation of the Strategy as a whole will create many more jobs over the coming years.
What Happens Next?
Strategy 22+ is supported by several major industry bodies, such as the Chartered Institute of Legal Executives, the Conveyancing Association, the Council for Licensed Conveyancers, the Council of Property Search Organisations, the Law Society, the Royal Institution of Chartered Surveyors, the Society of Licensed Conveyancers and UK Finance. Now, HM Land Registry will consult those working in the UK property market, likely to include estate agents and conveyancing solicitors, in order to devise the new house-buying process.
If you are looking to buy or sell property and want to know how the ongoing transformation process could affect you, it makes sense to talk to experts in the industry, such as the conveyancing specialists at https://www.samconveyancing.co.uk/.
A Brighter Future For Property Transactions
With digitisation of the property buying process promising to bring so many benefits, it’s clear that the launch of Strategy 22+ is to be welcomed. The next few years will prove decisive in bringing about a new, much-improved property buying service, and it is hoped that the positive effects will be felt for a long time to come.
Citations
[1] https://www.gov.uk/government/publications/hm-land-registry-strategy-2022/hm-land-registry-strategy-2022 [2] https://www.wired-gov.net/wg/news.nsf/articles/new+vision+for+a+worldleading+digital+property+market+31082022161500?open