More than half the nation’s wealth is in properties, over £7 trillion in England and Wales, and according to The Land Registry, they estimate £1-1.5 trillion of debt is currently secured on property assets. Estate agents play a vital role in the property market, mitigating any economic issues on the horizon.
The new normal
As many organisations migrated their whole business to a ‘new normal’ of home working and overcoming the difficulties, The Land Registry has had their fair share but worked to adjust and build its capacity, ensuring urgent transactions were still accommodated. Non-urgent transactions are now being processed with their capacity to be able to deal with issues set to be ramped up.
From what we see – judging by comments from our customers, incoming applications, and the number of expedite requests received – many people still want to and, most importantly, still need to deal with their property. That may be to obtain vital finance to support themselves or their businesses.
Communicating
As with all businesses, open communications with customers has been paramount. The Land Registry has achieved this by setting up a cross-section of stakeholders in a discussion forum. It has been used to test ideas for practicality with further details being shared in due course.
Reviewing processes
The Land Registry is also looking to pivot from paper to digital systems, with working practices undergoing change to make signing and identity checks easier to complete. This is part of not just as a short-term sprint, but trying to be the most efficient and effective they can be to spur the recovery on and continue to work openly and rapidly with the industry to ensure they can make most of the opportunities at this stage.
