Government Invests £36m in Smart Data to Revolutionise Property Transactions
The UK government has announced a 10-year Industrial Strategy, including a £36m investment in Smart Data initiatives to transform sectors like property, energy, and financial services. The plan aims to boost productivity, cut costs, and streamline processes across key industries.
Key Highlights of the Industrial Strategy
1. Smart Data for Property: Faster, More Efficient Transactions
Goal: Improve data sharing across real estate to reduce delays and failed transactions.
Current Issues:
Average 22 weeks to complete a property purchase.
30% of property deals collapse, costing buyers and lenders time and money.
Solution: A Smart Data framework to standardise and secure property data, speeding up transactions.
Industry Reaction:
Joe Pepper (Pexa CEO): “This is a vital step to modernise the UK’s outdated property transaction system.”
2. Clean Energy Push: Cheaper Electricity & Solar Homes
Target: Reduce reliance on fossil fuel imports and lower industrial electricity costs.
Key Measures:
Doubling clean energy investment to over £30m.
Zonal energy pricing reforms to cut costs.
Mandatory solar panels on all new-build homes.
Industry Reaction:
Justin Young (RICS CEO): “Lower energy costs will boost traditional industries and future tech like AI data centres.”
3. Planning System Reforms: Faster Homebuilding
Target: 1.5 million new homes in England.
Key Changes:
Faster planning approvals with shorter pre-application times.
Nature Restoration Fund to simplify environmental obligations for developers.
4. Financial Services: A Global Tech Leader
Goal: Make the UK the “most advanced digital financial hub”.
Upcoming Plan: Financial Services Sector Plan (July 15) to streamline regulations and attract investment.
Why This Matters
✅ Property Buyers: Faster, more reliable transactions with Smart Data.
✅ Businesses: Cheaper energy and smarter financial services boost competitiveness.
✅ Homebuilders: Simplified planning speeds up construction.
✅ Clean Energy Sector: Doubled investment drives growth in renewables.
