Founders from property technology firm Hiizzy has welcomed the Government’s plans to streamline the homebuying and selling process, saying its technology is already addressing many of the problems the reforms aim to tackle.
The Government estimates that proposed changes to property transactions could save businesses across the sector £116 million annually by reducing unnecessary administration and delays.
The reforms under discussion include making more property information available upfront, greater use of digital property records and improved data sharing between those involved in a sale.
Hiizzy, which is expanding into the UK market, is developing technology designed to make properties transaction-ready from the moment they are listed, helping buyers, sellers and property professionals access essential information earlier.
Lewis Buckley, co-founder and CEO of Hiizzy, said: “It’s encouraging that these latest homebuying reforms recognise something the property industry has known for years – that the process of buying and selling a home is too slow, too fragmented and too dependent on information being gathered after an offer has already been agreed.
“Hiizzy is built on the idea that listing a property should be more than a marketing exercise. Key information should be gathered and structured as early as possible, so that buyers, sellers and the many professionals involved in the transaction can access what they need sooner.”
The Jersey-founded business also offers a consumer platform enabling homeowners to market and sell properties directly, with access to professional services and without traditional estate agency commission.
Buckley added: “The £116m saving is a useful measure of the economic opportunity. But the bigger prize is a housing market in which buying and selling a home is faster, more transparent and more certain for everyone involved.”
