Land Registry Shake-Up Promises More Accurate Property Data for Estate Agents
Land Registry shake-up to give estate agents a leg-up from this Friday – and how it’s going to change how they value homes.
The new figures have not been released yet, but the focus is on making the data as accurate as possible and timely. As mentioned above, this could be a huge improvement for Estate Agents as long as they can make the most of the information given to them.
It is widely recognized that Estate Agents have for some time lacked reliable information to help them determine the value of residential properties, in particular during periods of market fluctuation. The new data will enable them to produce more accurate property valuations.
Of course, improved data won’t necessarily resolve underlying doubts in the market. But equally, it won’t instantly lead to properties being sold for the right price. Estate agents will have to get used to using their new-found information wisely, in order to avoid over-pricing homes – and subsequently opening themselves up to potential reprimand.
More recently the values that estate agents put on properties have been under scrutiny. There have been calls for the industry to be licensed and for those that overvalue properties to receive stiff penalties. The industry will be watching to see if the better data that is now available leads to more responsible valuations.
Practical Takeaways for Buyers:
- Make sure you are using the best estate agents who have mastered the new Land Registry data in order to get the most up to date and accurate property valuations.
- Also, remember to cross-reference property valuations from estate agents with other online tools, once these too have been updated with the new data from the Land Registry.
- Monitor property market news in the weeks following the changes to the Land Registry data to pick up on trends including any price changes and sales.
- You could ask the estate agent how they intend to use the new data to value your property. It will test their knowledge.
The Final Takeaway:
More precise data is a sharp tool, but ultimately, it challenges estate agents to act more responsibly—whether the sector embraces that responsibility remains to be seen.