<-- Back to proposed bills
Homeowners next steps
10 February 2025
Type
Written Ministerial Statement
Department
Ministry of Housing, Communities and Local Government
At a Glance
Issue Summary
The statement addresses the inefficiencies in the UK's home buying and selling process, which takes an average of 21 weeks compared to 4 weeks in Norway.
Action Requested
The government has announced plans to modernise and streamline property transactions through digitalisation, introducing common data standards, electronic signatures, and working with the Digital Property Market Steering Group. A long-term housing strategy will be published later this year.
Key Facts
- The average home buying and selling process takes 21 weeks in the UK.
- In Norway, similar processes take as little as 4 weeks.
- One in three transactions fall through annually, costing households £400m in direct costs.
- A package of measures will pilot digital approaches to property data.
- Common data standards across the home buying and selling sector are committed to.
- HMLR information will be used to drive proptech innovation.
- The Digital Property Market Steering Group, consisting of industry representatives and government experts, will work on this initiative.
▸
Assessment & feedback
Summary accuracy