HMLR Expand Digitisation And Blockchain Property Sales Enter Europe
The HM Land Registry (HMLR) have continued their relentless task of transferring all local authority data onto a digital system. The City of London Corporation is now live, and all property requests will go through HMLR as opposed to the local authority from now on.
This is now the third local authority to have successfully migrated all land charges to the national and digital system, following Warwickshire and Liverpool.
Allison Bradbury, Head of the Local Land Charges Programme at HMRC, said: “The City of London has one of the most dynamic business property markets in the world. By making their local land charges information instantly accessible via HM Land Registry’s central, digital register, we are ensuring that customers can access essential information about property transactions instantly, saving both time and money.”
Richard Steele, Corporate Spatial Data Manager at the City of London Corporation, commented: “While there are relatively few residents in the Square Mile, we have around 500,000 workers. This means a lot of buildings in a small area and around 23,000 local land charges relating to those buildings. Previously, our local land charges data was held in a mixture of paper and digital systems. Before migrating all the information to HM Land Registry’s digital register, we have digitised and accuracy-checked all the data. This helps to reduce business risk for future property transactions in the area. By taking part in the process the turnaround times for local land charges search results for properties in the City will be reduced from days to seconds.”
The continued digital roll-out across the industry is promoting the value of embracing technology in the sector. The UK Prop Tech Association speculate that LawTech and PropTech integration of more Blockchain powered property sales in the UK will increase.
This seems like an accurate statement as global real estate platform, Propy, have completed their first European Blockchain transaction.
Propy, based in Silicon Valley, have already started the move into Europe with the transatlantic sale that allowed an Eastern European buyer to purchase property in the USA. The most recent sale has seen a French buyer use Cryptocurrency to purchase a Spanish home from a Spanish seller.
Sammy Pahal, Managing Director at The UK PropTech Association, said: “This Propy transaction is a really exciting step forward for the PropTech industry. Quite often we talk about new technologies such as Blockchain and AI and try to educate the industry on the impact it will have, but often it is seen as hype or something which is a long way off. However there are now successful examples of Blockchain being used in buying and selling property, which is moving the whole conversation along.”
Natalia Karayaneva, CEO of Propy, commented: “Blockchain technology continues to revolutionise the way people buy and sell properties across borders. The EU market can be a complex web of governments, brokers, and other entities making international property transactions difficult. Propy’s Blockchain-enabled platform removes complexity resulting in a simple online transaction that is easy to complete and secure.”
“We are delighted that the HM Land Registry is developing its research project into the use of Blockchain and how it can make property transactions more efficient. We look forward to monitoring the progress of the project.”
As governmental organisations begin to expand their digital use of PropTech and more innovative companies, like Propy, continue to offer modern ways of purchasing property, it is clear that the future involves confronting and embracing technology in the hope of improving the customer experience.
What does this digitisation of the industry mean for conveyancers? Can you see more sales being driven by Cryptocurrency?