The Government’s announcement that it will streamline the home-buying and selling process is a positive step forward.

Property purchase transactions take on average 120 days to complete – so there is scope for them to become faster and more transparent, bringing greater certainty and delivering real benefits for home-movers and the wider economy.

However, while digitalisation plays a crucial role in this transformation, it is not a silver bullet.

Technology by itself will not solve the challenges felt across industry. For the Government’s plans to succeed, close collaboration with industry is essential to ensure that digital tools are implemented effectively and within a system that is fit for purpose.

Crucially, the Government must listen to the industry leaders who have long been working to modernise the property market.

Improving how things work for buyers, sellers and industry alike is a shared ambition. Initiatives already exist that bring together professionals from across the sector to address barriers to progress, and there is much the Government can learn from this work.

The inefficiencies of the current home-buying and selling process are well documented and felt across the sector.

Shared frustration

Our ‘Common Ground’ campaign found that slow transaction times ranked as a top three shared frustration for estate agents (37%) surveyors (40%) and lenders (36%). Delays impact the entire pipeline and are not just frustrating, they come at a financial and emotional cost to all involved.

Digitalisation has the potential to tackle many pain points. By making the relevant information available at the right time to the key stakeholders, buyers and sellers can make informed decisions sooner, and the likelihood of unexpected issues derailing transactions is reduced.

Automation and digital property records can also speed up due diligence, while greater data standardisation can improve the flow of information.

The technology to tackle these challenges head-on already exists, but implementation is key. Landmark has long been working to reduce friction in the pipeline through launching LandmarkConnect – a series of digital hubs that streamline communication between all professionals involved in the process.

Meaningful input

Without meaningful input from those who understand the complexities of the market, the risk is that reforms will introduce more administrative burdens rather than solving fundamental inefficiencies.

This is why industry voices must be at the heart of shaping policy and delivery. Innovative players who are already spearheading progress in streamlining property transactions must be given a platform to share their insights and solutions.

Landmark has been working closely with professionals across the home-buying pipeline leading an industry-wide initiative, Project 28, aiming to deliver a 28-day instruction to exchange housing transaction, and from this it’s clear that greater collaboration is not just possible, but actively desired.

The industry is willing and ready to work alongside Government to ensure that reforms drive real change.

The opportunity to modernise the property market is too great to ignore. If well-executed and built around supporting a more streamlined process, digitalisation could unlock significant economic potential, reducing friction in transactions and making the UK housing market more efficient and accessible.

Government must first engage with industry at every step, turning policy ambition into practical action.

We stand ready to play our part, ensuring digital innovation is harnessed effectively to create a property market that works better for everyone.

Simon Brown is CEO of the Landmark Information Group