Faster and more reliable property transactions promised
“A more efficient property market is vital to the economy," says Ordnance Survey's Tina Kennedy.
A three-year deal aimed at making property transactions faster and more reliable has been signed by HM Land Registry and Ordnance Survey.
The collaboration will focus on improving how land, ownership and location data is shared across Government.
The goal is to speed up verification, cutting duplication and provide greater certainty for lenders using properties as security.
The move comes as England and Wales sits on a property market valued at almost £9trillion.
It accounts for more than half of the nation’s wealth, with around £1.66trillion of lending secured against it. Annual sales surpass £360billion
A more efficient property market is vital to the economy.”
Tina Kennedy, Chief Customer Officer of Ordnance Survey, says: “A more efficient property market is vital to the UK economy.
“It helps people move home more easily, supports development and investment, and underpins one of the most significant assets many people own.
“This is an invaluable opportunity to work closely with HM Land Registry to deliver value to Government, homebuyers and developers.
“Our trusted data has always been integral to the land registration process, so we are delighted to be collaborating with HMLR to further improve data accessibility across government and strengthen connectivity between departments across the housing market.”
Trusted data
Lynne Nicholson, Deputy Director for Data and Head of Data Group at HM Land Registry, (pictured) says “We have exciting plans to transition from traditional record keeping to actively fuelling economic growth and unlocking new opportunities across the housing sector.
“I am looking forward to working closely with Ordnance Survey colleagues to share insights and ideas and build a shared vision for trusted data that will make a real difference for all of our customers.”
Beyond speeding up transactions, the partnership could also support more efficient environmental planning.
It could also help reduce fraud through duplicated property titles.
Insurers could also benefit, using combined Land Registry and Ordnance Survey data to assess risk based on the geographical spread and ownership of portfolios.
