Homebuyers and sellers across East Anglia are set to benefit from government plans to modernise the property market, reducing delays and cutting costs for those navigating the process. The initiative aims to tackle inefficiencies that often lead to collapsed transactions, providing much-needed certainty for those looking to move.
Currently, property transactions in the UK take an average of five months to complete, with one in three sales falling through—costing buyers and sellers an estimated £400 million annually. In East Anglia, where a mix of urban and rural housing markets presents unique challenges, these reforms will streamline processes, making it easier for people to buy, sell, and manage property.
A key issue is the lack of digitalisation in the sector, leading to slow information-sharing between conveyancers, mortgage providers, and local authorities. To address this, the government is introducing measures to standardise and digitise property data, ensuring that key details are accessible to trusted professionals at the start of the buying process. This will significantly reduce delays linked to paper-based records, which are still commonly used in local council offices across Norfolk, Suffolk, and Cambridgeshire.
The reforms also include the introduction of digital identity verification services, making ID checks quicker and more secure. This will particularly benefit rural areas of East Anglia, where buyers and sellers often face logistical challenges in meeting professionals in person to provide documentation.
With approximately 50,000 property transactions taking place in the East of England each year, the modernisation of the system is expected to have a significant impact on the regional economy. By reducing failed sales and streamlining the process, buyers and sellers will save both time and money, allowing them to move forward with greater confidence.
In addition to improving the sales process, new legislation will enhance protections for leaseholders. From 3rd March, leaseholders in East Anglia will have greater power over service charges and the management of their buildings. The reforms will also remove the requirement for leaseholders to cover their freeholder’s legal fees when making a Right to Manage claim, potentially saving individuals thousands of pounds.
To drive these changes forward, HM Land Registry (HMLR) is leading a series of pilot projects with local councils, focusing on digitising property information. These pilots will explore the best ways to make property data more accessible and ensure that key information—such as building control and highways data—can be easily shared between relevant parties.
The government’s Digital Property Market Steering Group, which includes representatives from the property industry and local authorities, will oversee the rollout of these initiatives. With the backing of HMLR and property professionals, these reforms will ensure East Anglia’s housing market is fit for the 21st century, offering a smoother, more efficient experience for everyone involved.
