Moverly’s digital property pack could cut transaction times and reduce costs in the homebuying process
A digital property pack designed to streamline the homebuying process has won a £50,000 prize from the UK government, offering the potential to reduce transaction times and associated costs. The prototype developed by Moverly combines data from various sources into a single reliable resource for homebuyers, sellers and professionals involved in property transactions.
Moverly was one of 10 teams selected for the Smart Data Challenge Prize funded by the Department for Business and Trade and tested in a specially created sandbox environment. The concept of “smart data” is to allow secure, simplified sharing of data between consumers and businesses, enabling the creation of innovative services.
The digital property pack includes key documents such as HM Land Registry details, energy performance certificates, council tax, utilities data and legal forms. This “single source of truth” is designed to be reused throughout the homebuying process, allowing for more efficient transactions. Moverly claims that if implemented on a larger scale, the average home transaction time could drop from 22 weeks to just 12. Furthermore, it could reduce fall-through rates currently over 25% to less than 10% saving buyers and sellers between £1 000 and £2 000 in direct costs while delivering market-wide savings in the range of £2 to £3 billion annually.
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Ed Molyneux Moverly’s founder and chief technology officer emphasised the benefits of reducing the uncertainty and stress associated with home transactions. He pointed out that the digital pack eliminates the need for repeated data requests and verifications, offering a transparent and trusted system for all parties involved including buyers, sellers, conveyancers, surveyors and mortgage providers.
Baroness Lloyd the minister for the digital economy lauded Moverly’s innovation, noting that the prize exemplifies the role of smart data in bringing tangible benefits to consumers while also reducing administrative burdens and boosting the economy.
In addition to the prize the government has unveiled the Open Property Coalition, which aims to accelerate the digitisation of the homebuying process. The coalition led by the Centre for Finance Innovation and Technology (CFIT) will bring together public and private-sector organisations to explore emerging technologies such as digital ID and tokenization to further enhance the efficiency and transparency of property transactions.
CFIT’s roadmap for a fully-fledged smart data scheme for the homebuying sector could pave the way for future innovations that transform how property transactions are carried out potentially making homebuying faster, cheaper and more accessible.