Fully Digital Property Transactions a Step Closer
Bank of England, HM Land Registry, Bank of International Settlements and Coadjute unveil Revolutionary Settlement Prototype
London, 19th April 2023 – The property settlement process is set to vastly improve thanks to a ground-breaking collaboration between the Bank of England, HM Land Registry, Bank of International Settlements and Coadjute.
Today the Bank of England announced the completion of Project Meridian, a digital synchronised settlement prototype promising to reshape the way property payments are conducted, benefiting consumers, businesses, HM Land Registry and the wider property market.
Property is the largest asset class in the UK with more than 1,000,000 properties changing hands each year, in an exchange that is a key moment in many people’s lives. Completing the property transaction requires both the transfer of large sums of money and the need to update the Land Register to reflect the transfer of title.
The current reality of this process is complicated, manual and at significant risk of fraud. It involves buyers, conveyancers and lenders pushing individual payments between accounts, requiring numerous manual steps and repeated reconciliation. As a result, buyers and sellers often find that payment transfers don’t go as planned on completion day, causing delays to keys being released, or sales to even fall through. For new owners waiting with their removals van, the process can be opaque and stressful.
The new approach used in the prototype announced today replaces the numerous manual steps and checks and avoids the exchanging of paper-based documents entirely, cutting the risk of fraud or transactions being delayed at the eleventh hour.
The settlement prototype works by digitising the workflow between the commercial Banks, the Bank of England and HM Land Registry. Conveyancers connect to the service and send instructions which reserve funds. Then, at a pre-set date and time, the funds for that property transaction, or even for a whole chain of transactions, are moved in synchronisation. Immediately the funds are moved, digital deeds are issued, and instructions sent to HM Land Registry to update the register.
The prototype paves the way for the process to be made significantly more transparent and efficient, and reduces the risk of fraud.
John Reynolds, Project Director and COO at Coadjute said “Settlement is particularly complex and can only be tackled through deep collaboration and partnership with the public sector. What the Bank for International Settlements (BIS) Innovation Hub London Centre has done fantastically well here is create an open, innovative and collaborative environment for the public and private sector to work together to do just that.”
Dan Salmons, CEO at Coadjute said “I’ve spent most of my working life leading payments innovations in Banks and FinTechs – I was there in the early days of contactless cards and mobile payments – so know first-hand what it looks like at the start of a genuine change to the way we all move money.
“Few payments are more important than those for property, and the work the Bank of England, HM Land Registry, Bank of International Settlements and Coadjute have done to reimagine the settlement process is extraordinary. We look forward to seeing the impact this project will have on shaping the future of property transactions.”
Read the full report: https://www.bis.org/publ/othp63.htm
Removal Costs Jumped 48% Compared to Pre-Pandemic Levels
Our data shows that the cost of a removal company has increased by 48% in a post-pandemic UK. This saw prices rise from £880.65 in 2019 to £1,307.64 in 2022.
To get an accurate comparison of pre and post-pandemic times, we looked at users’ average removal costs in 2019 and compared that to what they paid in 2022. We worked out the average from the highest and lowest quotes they received, along with the price they actually paid.
We found that although costs increased dramatically, they came down by 7% in 2022 for the first time since 2019.
With unprecedented fuel prices and the Stamp Duty holiday no doubt having an effect on removal costs, we share the best tips to save you money on your removals, using real savings from our customers.
Findings at a glance:
- Removal costs increased by 48% in 2022 compared to 2019
- London sees a 43% increase from £895.06 to £1,282.50
- East of England jumped the most by 128% from £692.68 to £1,538.31
- 1-bedroom moves went up by 88% from £323.52 to £608.80
London sees a 43% increase in removal costs
London removal costs went up to £1,282.50 in 2022, increasing by 43%. In 2019, you could book a removal company for £895.06 on average.
Our data shows that Ilford saw the most dramatic increase in price, jumping 151.4% from £672.50 in 2019 to £1,690.94 in 2022. The only location in London to see prices go down was Dartford, decreasing by 7.6%. This meant removal costs went from £1,252.50 in 2019 to £1,157.07 in 2022.
| Location | 2019 Cost | 2022 Cost | Difference |
| Ilford | £672.50 | £1,690.94 | +151.4% |
| Kingston-upon-Thames | £996.38 | £1,833 | +84% |
| Twickenham | £848.27 | £1,526.10 | +79.9% |
| Sutton | £601.50 | £1,063.58 | +76.8% |
| Southall | £686.63 | £1,114.50 | +62.3% |
| Croydon | £1,055.04 | £1,594.10 | +51.5% |
| Bromley | £830.43 | £1,142.04 | +37.5% |
| Harrow | £1,246.29 | £1,564.94 | +25.6% |
| Watford | £1,133.33 | £1,339.29 | +18.2% |
| Enfield | £1,118.33 | £1,273.13 | +13.8% |
| Romford | £1,117.50 | £1,119.48 | +0.2% |
| Dartford | £1,252.50 | £1,157.07 | -7.6% |
Move Size: 2019 vs 2022
We found that 1-bedroom house moves went up the most, going from £323.52 to £608.80 when comparing pre and post-pandemic times. This is an 88.2% increase from 2019.
Our data shows that 2-bedroom moves saw the least change in price, increasing by only 34.6% from £755.47 to £1,017.06.
It’s not a surprise that 5-bedroom moves were the most expensive in 2022, averaging at £2,897. This increased by 55.9% in 2022 jumping from £1,858.41 to £2,897.25.
| Move Size | 2019 Costs | 2022 Costs | Difference |
| 1-bed | £323.52 | £608.80 | +88.2% |
| 2-bed | £755.47 | £1,017.06 | +34.6% |
| 3-bed | £1,067.08 | £1,466.20 | +37.4% |
| 4-bed | £1,258 | £2,079.88 | +65.3% |
| 5-bed | £1,858.41 | £2,897.25 | +55.9% |
Removal Cost Increases by Region
Comparing pre to post-pandemic times, the East of England saw the biggest increase in removal costs, rising by 128%.
In 2022, the average price of a removal company in the area was £1,583, with Ipswich seeing the most damaging increase in prices. Looking at pre vs post-pandemic costs, we can reveal there was a 427% rise in price, making the average removal cost £1,556.
The North West saw the smallest increase in price, rising by only 13.3% going from £809.85 to £917.83.
| Region | 2019 Cost | 2022 Cost | Difference |
| East of England | £692.68 | £1,583.31 | +128.6% |
| East Midlands | £792.68 | £1,562.36 | +97.1% |
| South West | £861.60 | £1,543.81 | +79.2% |
| Yorkshire and the Humber | £741.23 | £1,234.88 | +66.6% |
| North East | £793.56 | £1,297.13 | +63.5% |
| London | £895.06 | £1,282.5 | +43.2% |
| Scotland | £785.46 | £1,122.89 | +43% |
| South East | £1,095.09 | £1,525.31 | +39.3% |
| Wales | £930.61 | £1,213.28 | +30.4% |
| West Midlands | £974.86 | £1,234.42 | +26.6% |
| North West | £809.85 | £917.83 | +13.3% |
Proptech and Property News in association with Estate Agent Networking.
Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
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Andrew Stantonhttps://proptech-x.com/author/andrew-stanton/
