A key plank in the industry’s efforts to standardise property information across the sector has been revealed.
The Home Buying & Selling Group (HBSG), which has been tasked with helping implement the many initiatives that Ministers are keen to see introduced to improve sales progression, has now published its Buying and Selling Property Information (BASPI) dataset.
For the fist time, this will introduces a single form for agents to complete when marketing begins that will be automatically updated with Local Authority data.
Each property’s BASPI will then be shared with all the stakeholders in the buying process including lenders and valuers.
It will include two sections, one covering the ‘material facts’ required under consumer protection regulations and a second covering the remaining conveyancing due diligence.
Agents are being urged to lobby proptech firms and CRM providers to add BASPI to their systems because, once implemented, almost overnight duplication with the process will be eliminated.
BASPI will be used by agents to fill in their material facts disclosure, solicitors to complete the TA6 Property Information reform, by lenders to finish their lending policy checks and valuers to fill in their pre-valuation templates.
Kate Faulkner (pictured), Chair of the Home Buying and Selling Group (HBSG), says: “This is a major step forward in trying to make life better for those moving home.
“Far too often sales fall through after an offer is accepted due to a lack of information provided to the buyer and part of the reason for moving home taking 20 weeks is that we don’t collate enough information upfront.”
See the BASPI form here.