The initiative aims to speed up the homebuying process and cut legal fees

Labour has backed a new initiative to “revolutionise” homebuying by embracing technologies, with failed deals costing the economy nearly £1bn every year.

The project will see the Centre for Finance, Innovation and Technology (CFIT) work in coalition with multiple government departments, including the department for business and trade and the ministry for housing.

The initiative aims to speed up the homebuying process, cut legal fees, and allow buyers to access more data about on-the-market properties.

Liz Lloyd, digital economy minister, said: “Buying a home can be time-consuming, lengthy and stressful. Using smart data has the potential to make this quicker, more secure and more transparent for consumers when t

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