House sales database won’t necessarily help consumers
The database contains information on all residential properties in England, Wales, Scotland and Northern Ireland. It uses information gathered from estate agents, surveyor data and land registry records to provide property valuations and details of individual property types.
It also aims to ensure banks, insurance companies and other financial services providers have access to information about the financial circumstances of existing and prospective customers, by looking at the customer lifecycle in relation to house buying and selling.
A spokesperson for Experian said that the NPD is a welcome development in today’s residential conveyancing sector as it is becoming increasingly important for financial institutions to be able to make informed decisions about their customers.
However, some interested parties say that the NPD will be of very little benefit to consumers and may even lead to some existing customers having existing housing loans and mortgages reassessed which could lead to repossessions and increased homelessness.News