Record turnout at this year's Annual Conference
There was a record turnout for this year’s Annual Conference on 20th May, a great positivity and engagement in the room.
The day began with a strategy session, led by Chair, Allison Bradbury, to share ideas and discuss the way forward for CoPSO. After the refreshment break, we welcomed Stephen Murray who gave an update on all the work he is doing on behalf of members with Local Authorities. Activity since Jan 2024 -
· Closed 47 files
· Over 1600 emails exchanged between stakeholders
· Open file status – 10 (lowest number in 3 years)
Our next speakers were Tom Treadwell and Jamie Woods who share MHCLG’s plans for ‘Modernising Home Buying & Selling’ who covered:
Current Issues:
33% of potential transactions fail.
Buying a house is the seventh most stressful life event in the UK.
Transactions take nearly five months on average, costing £1 billion in direct costs and £400 million in consumer costs.
Goals:
Create conditions for industry-driven change.
Provide timely information to reduce transaction failures.
Digitalise locally-held property data and introduce common data standards.
Enable digital identity services for the property sector.
Future Plans:
Improve upfront information in property listings.
Make home buying and selling easier and more secure through digital identity services and e-signatures.
Support information sharing and innovation through open protocols.
Collaborate with key industry partners to accelerate the adoption of digital technology.
After lunch, we were given a Property Market update by Kate Faulkner OBE. As always, Kate entertained the room with her enthusiasm and highlighted:
Market Trends:
Country prices are up on average, but performance varies by region and property type.
London: Average flat price has been around £440,000 since 2017.
North East: Average flat price has been around £100,000 since 2008.
Factors Affecting House Prices:
Inheritance, buy-to-let investments, and affordability caps.
Higher house prices due to a significant portion of homes being owned outright or bought with cash.
Ageing population needing to downsize.
Current Market Conditions:
Prices fell by 5% after mortgage rates increased.
Rents have risen in line with wage and inflation growth.
Transactions are steady but vary regionally.
Future Outlook:
Smaller falls and booms in the property market.
Continued challenges in the buying and selling process due to external influences.
We then welcomed Charlotte Mawson, Adjudication Manager at The Property Ombudsman who once again thanked CoPSO members for being so helpful and co-operative and for providing high quality files. Members then took part in an interactive session on Slido to review some recent cases.
Lorna Bown, PCCB Chief Inspector was up next with a general update on PCCB activities, changes to Compliance Notes and guidance on promoting the Search Code on social media.
Our final speaker of the day was Rhonda Griffiths, Head of Programme Management & Policy at HM Land Registry with an update on the LLC programme
Purpose and Vision:
Protect land ownership and provide services and data for an efficient property market.
Aim for a world-leading property market as part of a thriving economy and sustainable future.
Key Initiatives:
Improve registration speed and maintain essential services.
Achieve 95% application processing within 12 months.
Enhance Local Land Charges (LLC) data through migration.
Collaborate with the Ministry of Housing, Communities and Local Government (MHCLG) on the Digital Planning Programme.
Current Position:
Positive customer feedback on LLC services.
Significant progress in digitising and enhancing LLC data.
Future Plans:
Continue improving registration services.
Pilot projects to digitise and standardise local authority data.
Support innovation and collaboration to improve the home buying and selling process.
The last session of the day was the ever-popular insurance panel session. Hosted by Mike Ockenden, Robert Kelly from Stewart Title and Jonathan Woodcraft from LPG were joined by Lorna Bown to answer questions around SSI, run-off cover and requirements of the Search Code.
Allison Bradbury gave a summary of the day’s discussions and thanked everyone for their contributions in helping inform the new strategy which will be launched in the Autum. It was then time to head next door for the Drinks’ Reception, generously sponsored by Stewart Title, and a chance for more networking. A perfect end to the day.
