.png)
The government announced major plans last week to modernise the house buying and selling process. The reforms centre on digitalising and making property and identity data available electronically. This will allow mortgage companies and surveyors to have information within easy reach.
It is thought that these changes will help to avoid surprises being encountered late in the process, with the waste of time and money that goes with that.
In Norway, property transactions complete in around one month and the reforms take account of learning about how this has been achieved.
HM Land Registry (HMLR) is involved in the changes and the next step is a 12-week project to identify the design and implementation of agreed rules so that the data can be easily shared. HMLR will also be working with councils over coming months on how to open up more of their data and make it digital.
For estate agents and surveyors these reforms could make a big difference to the amount of time and money lost in sales falling through.
See: https://www.gov.uk/government/news/home-buying-and-selling-to-become-quicker-and-cheaper
The latest Budget was packed with policy announcements, but according to the Office for Budget Responsibility (OBR), these policies will not really change the UK’s growth outlook over the next five years.
The Government has announced a £725 million package of reforms aimed at increasing apprenticeship and training opportunities for young people. While much of the announcement centres on tackling youth unemployment, there could be benefits for small and medium-sized businesses.
Davies Lewis Baker Limited is a company registered in England and Wales. Company number: 11546737
Registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants