The government reiterated its plans to push for a smart data programme working across the property sector to “improve data sharing across the real-estate industry” and boost “innovative products and services.” it said in the Industrial Strategy today.

The move is part of £150m committed by Chancellor Rachel Reeves in its Professional and Business Services plans in the 10-year Spending Review earlier this month. 

Its smart data programme is part of the wider Professional and Business Services plans in the review, but it is unclear how much cash is earmarked for the drive to digitise homebuying. 

Pexa UK chief executive Joe Pepper says: “It takes an average of 22 weeks to complete a property purchase across the UK and more than 30% of property purchases fall through, putting pressure on homebuyers, lenders, conveyancers and, importantly, the economy. Simply put, those numbers are too big.  

“Standardising and improving data through the introduction of a smart data framework is not a magic bullet by any means.  

Pepper adds: “For too long, property transactions have been slowed and overcomplicated by the patchwork approach taken across the sector to data collection and sharing, given both the complex process and the number of stakeholders involved.  

“We know there is appetite across our industry to move this forward, and it is highly encouraging to see the government recognise this too.”     

Labour and the property industry are engaged in a range of measures to digitise and speed up homebuying. 

Earlier this month, lender Hinckley & Rugby Building Society, homemoving firm Pexa and conveyancer Muve completed what they say is the UK’s first fully digital house sale. 

Pexa said a fully digital sales and purchase platform is due to launch later this year. 

In February, the housing department said it plans to bring down housebuying delays of almost five months for millions of buyers by “driving forward plans for digital identity services to slash transactions”. 

It said it would do this by, “opening up key property information to ensure data can be shared between trusted professionals more easily”.   

The department launched a 12-week project “to identify the design and implementation of agreed rules on data for the sector so that it can easily be shared between conveyancers, lenders and other parties involved in a transaction”.  

It added that the Land Registry would build on its work in digitising property information and lead 10-month pilots with a number of councils to identify the best approach to opening up more of their data and making it digital, while the government pushes ahead with plans for digital identity verification services including in the property sector.   

The housing department pointed out that collapsed home sales – which impact one in three transactions – cost people around £400m a year, on top of the four million working days lost by conveyancers and estate agents alone which amounts to £1bn.      

Last Thursday, the Data (Use and Access) Bill became law, which allows consumers to share data across a variety of platforms. 

Labour said this could range from GP surgeries to beat waiting times, to price comparison apps that provide “hyper-personalised experiences” to save consumers “money and time with bills and food shops”. 

The government said the Bill would inject £10bn into the UK economy over the next decade.