Conveyancers’ use of data and technology to speed through sales is on the cusp of a ‘big bang’ moment according to a PropTech company.
Search Acumen says that the likes of blockchain, tokenised property, property logbooks and the digitisation project by HM Land Registry will transform the legal due diligence process for property transactions.
It claims that in the next five years the legal profession’s transformation into a tech-friendly sector will have reached ‘warp speed’ - despite a hefty increase in work over the past five years.
Search Acumen says that since it was set up in 2013 the average law firm has experienced a 40 per cent increase in its conveyancing workload, resulting from a six per cent fall in the number of active businesses in the market while transaction volumes have risen 33 per cent.
The firm says that in future technologies like artificial intelligence and blockchain will become “firmly established within property processes” while conveyancers will increasingly rely on “property data visualisations and insights derived from millions of data points, analysed in seconds, to replace traditional search reports which take weeks to source.”