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The Formation of the Digital Market Steering Group (DPMSG)
Several prominent organisations, including the Land Registry, Law Society, RICS, Propertymark, and UK Finance, have joined forces to establish the Digital Property Market Steering Group (DPMSG). This collaborative initiative is set to revolutionise the property transaction process, addressing longstanding challenges that have led to frustration and delays.
Despite the introduction of the Land Registration Act in 2002 to encourage 'e-conveyancing,' progress has been slow, prompting the need for a cohesive solution. The DPMSG envisions combining various aspects of the process to create a unified, customer-friendly experience, simplifying the journey and reducing stress.
Building on the Home Information Pack (HIP) experiment, particularly in Portsmouth in 2006/2007, the DPMSG proposes a notable shift in the Home Buying and Selling Group (HBSG) initiative. The introduction of 'Reservation Agreements' as standard involves preparing a comprehensive Property Pack, resembling a HIP without the survey. This pack would include a Buying and Selling Property Information form (BASPI), evidence of ownership with copy deeds, an EPC, searches, and, where applicable, a copy of any lease, along with Landlord and Managing Agent Property Enquiries (LPE) replies. While upfront costs are involved, the long-term benefits include time and trouble savings, with certain expenses deferred until a buyer is secured.
Recognising the stress associated with moving house, a process that typically takes an average of 22 weeks with a 34% national fall-through rate, the introduction of Property Log Books is proposed to expedite transactions and alleviate stress. HIPs' average transaction time of 12 weeks supports this concept and the advantages discussed.
Acknowledging potential reluctance from the Government and the slow-moving nature of DPMSG, we propose a roundtable discussion with agents, surveyors, mortgage brokers, lawyers, and search providers to explore the possibility of introducing property logbooks to facilitate quicker transaction times and reduce stress. It may not be for every seller, but it could be an option offered to sellers to differentiate themselves from the competition.
Anyone interested in discussing those issues in a round table discussion, please respond to davidlouth@warnergoodman.co.uk, and we will provide the room, the round table and the refreshments.