New Digital Property Market Steering Group publishes roadmap for future direction
The newly-formed Digital Property Market Steering Group (DPMSG) has announced the publication of its roadmap for future direction.
The DPMSG formed last year represents areas of the sector with the greatest potential for accelerated digital adoption. The steering group has today published its’ roadmap to drive crucial change in the land and property market which outlines its’ public commitment to what can, at minimum, be expected in its first year.
The Group held its launch event on 12 September 2023 and saw invaluable input and feedback into the Group’s objectives from over 270 property sector and government guests, supporting the development of the DPMSG’s first work programme, the roadmap for which is being published today.
Based on the five promises made by the DPMSG at its launch event, the roadmap is underpinned by five key objectives:
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- No surprises and no delays: upfront information means there are no surprises after the buying decision and no waiting for searches
- Transparency and innovation: sharing information using an open protocol allows everyone to see what is happening in a transaction and support innovative new consumer-friendly digital services
- Convenient and secure: using digital ID checks (just once) and e-signatures makes the process easier and more secure
- Always improving: collaborative research across users and the PropTech sector will accelerate the use of emerging technology such as Artificial Intelligence
- Open and collaborative: we will work in the open, publishing research, the programme of activities and an annual summary of progress
Key aspects of the roadmap include developing an action list to remove paper-based processes and see rapid adoption of digital ID and secure e-signatures; a research and development roadmap; and a charter detailing roles and responsibilities across the sector to generate up front information.
The DPMSG will be publishing an annual report in 2024 to coincide with the anniversary of the 2023 launch event which will outline progress, the digital health of the property ecosystem, and its future direction.
Mike Harlow, Deputy Chief Executive and Director of Customer and Strategy at HM Land Registry, said:
“The roadmap sets out the Group’s strategic objectives and highlights the steps needed to achieve our goals.
“We will be actively monitoring and reflecting on our progress over the next 12 months, so it is important to note that this is a working document that will be ever-evolving, helping us to align ourselves towards common goals, fostering better collaboration and better understanding.
“Change is hard but by working together, and being clear about the action that is needed, we believe that we will achieve a vision where everyone involved in buying, leasing and selling land and property experiences a secure and modern market that is transparent, customer-friendly and business-friendly at all stages.”
DPMSG is also working closely with the Department for Levelling Up Housing and Communities (DLUHC) to understand how it can support future home buying and selling policy and collaborate with DLUHC’s new Proptech Steering Board.
It will continue to be proactive in engaging stakeholders across the sector, broadening networks and diversifying the skillset. Since launching in August 2023, the DPMSG has already welcomed new members Maria Harris, Chair of Open Property Data Association (OPDA) and Home Buying and Selling Group (HBSG) representative, and Sammy Pahal, Managing Director of the UK PropTech Association.
Kate Faulkner OBE, Chair of the Home Buying & Selling Group, said:
“Over the last few years, all those involved in the home buying and selling process from trade bodies to professional organisations, regulators, redress schemes and practitioners – including corporates, franchises and independent companies – have worked tirelessly to agree on how to change the home buying and selling process now and in the future.
“However, without the support of government, working together with industry to lay key foundations to digitise the buying and selling process, we just couldn’t make the enormous changes required.
“There is a lot to do, but if we continue to focus on improving the process for consumers, this will undoubtedly improve the day to day lives of those who work so hard, in often difficult situations, to put new roofs over people’s heads.”
This strategic work programme reflects the Group’s vision that through collaboration, innovation and a focus on emerging digital technologies will build on existing progress across the home buying and selling system to get a better result for the customer: simpler, faster, more certain and less stressful.
You can keep up to date with the latest DPMSG activity by following the DPMSG LinkedIn page and by tuning in to the Property with a View podcast series.
Kindly shared by Digital Property Market Steering Group (DPMSG)
