A new property industry organisation has hailed the unique property reference numbers (UPRNs) for homes as the key to unlocking a faster and more lucrative housing market for estate agents.
Called the Conveyancing Information Executive (CIE), it has published a white paper which explains how UPRNs – known as ‘property passports’ – will be rolled out.
When they become standard, the CIE says, it will make the transaction process more efficient and transparent and will drive the nation towards a more fluid property market with greater volumes of transactions.
“More transactions will deliver greater immediate commercial benefit through Stamp Duty and wider economic benefit given the intrinsic link between the housing market and macro level consumer spending.”
CIE spokesperson Chris Loaring (pictured) says: “It is commonly agreed across the industry that UPRNS will offer the best solution towards creating a unique, non-transferable and universal reference for every property.
“Our white paper offers the first analysis of what practical steps are needed to make the implementation possible to get all stakeholders aligned.
“At the CIE, we collectively have more industry experts in one place who are immersed in property, geospatial and UPRN data.
“We are therefore very pleased to present to the market a whitepaper that breaks down the role UPRNs will play in providing one true record for each address, which will ultimately help towards reducing transactional delays and improve the overall experience.”
Download a copy of Property Passports: the role of Unique Property Reference Numbers (UPRNs).