A new digital hub has been unveiled with the ambition of “connecting the home-moving market” through improved data sharing systems between each part of the property industry.
LandmarkConnect, developed by Landmark Information Group, ultimately aims to improve efficiency and reduce the current average transaction timeline of 133 days.
“With the home-moving industry famed for its disconnected and siloed systems, the lack of connection in the market is increasingly obvious to home-movers and industry alike,” said Landmark. “In a world now used to near instant personal communication, it’s clear that bringing speed and connectivity to the homebuying market will help everyone involved.”
The series of “open, accessible, and standardised hubs” aim to allow the currently disconnected parts of the home-moving industry to connect to each other in near-real time.
Property professionals are set to be able to “access trusted data, documents, and progress information, passed seamlessly between all stakeholders, as and when they need it to support buyers and sellers”.
LandmarkConnect builds on Landmark’s Secure Panel Network – the network used by the mortgage industry to communicate millions of transaction messages a year between lenders and surveyors.
Asked how property lawyers will come to access and utilise the hubs, Landmark said:
“We will be releasing software programming interfaces and online user interfaces to allow property lawyers to provide and share documents in online protected and structured folders.
Known as API, these interface to our systems following the modern ‘connected economy’ model for flexible integration options depending on the conveyancer’s particular needs.”
Landmark Information Group CEO Simon Brown said:
“The UK’s home-moving process isn’t working well, with enormous duplication and inefficiencies leading to staggering delays for home-movers. This is both stressful and frustrating for home-movers, and enormously wasteful for property professionals. We want to create a more efficient and better-connected market, where everyone benefits from shared data and insights…
…Although this will be a phased roll-out, we’re enormously excited for the revolution this could ultimately bring to the UK’s home-moving process.”
