Reapit welcomes new homebuying consultation, but calls for government to learn from international examples

Leading property technology provider Reapit has welcomed the government’s new consultation on the home buying and selling process after campaigning for reform for a number of years.

It calls the consultation a vital step toward a faster, fairer, and more transparent housing market but hopes that the government will listen to the industry to make sure the reforms are successful.

The government’s new proposals aim to reduce the average time from offer to completion by introducing mandatory upfront property information, binding contracts, and greater use of digital tools such as property logbooks and digital ID verification. The reforms are based on policies in other markets where Reapit has extensive experience and data.

Global insights, local benefit

The government’s consultation claims that under the current process around one in three transactions fail, costing buyers and sellers over £400 million a year, while the proposals match measures from countries including Scotland, Denmark and Australia.

In evidence submitted in 2024 to the former Levelling Up, Housing and Communities Committee, Reapit urged policymakers to take into account international best practice to cut homebuying and selling delays.

Drawing on the company’s experience in Australia, it highlighted the benefits of providing enough upfront property information and using digital processes – enabling properties to move from listing to contract signing in an average of 30 days, with completion soon after.

The government’s new consultation also includes proposed estate agency licensing based on policies in Denmark, where Reapit powers around 80% of Danish agents.

In the UK, Reapit is already working with others in the industry to champion open data standards in the property sector, including the Unique Property Reference Number (UPRN). The platform’s UPRN lookup already allows agents to store each property’s UPRN directly on Reapit, allowing agents to easily match properties across other PropTech platforms to provide enhanced information to buyers and sellers.

Steve Richmond, the General Manager of Reapit UKI, said: “We welcome these reforms and the government’s recognition that the current homebuying system isn’t working as well as it should.

“Agents see the impact of these frustrating delays, transactions take on average five months, with far too many collapsing along the way. Effective reforms with the backing of industry could transform property purchases for agents, buyers, and sellers alike; creating a faster, fairer and more transparent homebuying experience for all.”

Dr. Neil Cobbold, Reapit’s Commercial Director added: “We look forward to contributing to the consultation and helping shape a practical roadmap for reform. I was pleased to discuss these issues with Steve Reed, Secretary of State for Housing, Communities and Local Government, at last week’s Labour Party Conference, where he welcomed continued engagement from Reapit.

“We’ll be working with colleagues in Denmark and Australia where similar reforms have taken place so we can help the government design reforms that are practical, effective, and deliver real benefits to UK agents, buyers and sellers.”