Local data to be released to help the property sector unlock land and unleash the potential of home builders.
Housing minister, Esther McVey, has today (21 October) announced plans to release data held by local bodies to enable the UK PropTech sector to thrive and for them to “bring about a digital revolution in the property sector.”
Mcvey will announce measures to open up a compulsory purchase order (CPO) data for the first time in a transparency drive and enable PropTechs to obtain things like energy performance certificates and the square footage information of properties.
She will also try to introduce a national index of all brownfield data, simplifying and improving the quality of Brownfield Land Registers to help developers to find brownfield land to build on.
McVey will also host a roundtable discussion with some of the 700 PropTech firms in the UK
The UK PropTech sector, a growing industry potentially worth around £6bn in the UK, is leading the world in the property building and buying the market and the sector already receives 10% of global PropTech investment.
McVey said: “We’ve had revolutions in the way that financial services, online banking and transport are provided, turning once unimaginable possibilities into everyday realities. Now it’s the turn of the UK property market.
“New technology will link builders to brownfield sites more easily, enhance how developers engage with local communities, help builders deliver new homes and modernise the way we buy and sell land and houses, cutting the time it takes to get housing from the drawing board to families getting the keys.”
She added:“The UK property sector is on the cusp of a digital revolution. It’s time to harness new technology to unlock land and unleash the potential of house builders in all parts of the country and to revolutionise the way in which we buy homes.”