I'm not sure I would see a blockchain as a particularly good fit - the benefits of blockchain architectures are generally where there is a lack of trust or identifiable authority, without that then there's probably a simpler solution.
What happens in your system if the NFT key is lost or stolen?
If the answer is "We can fix that", then you have your authority, you have a 'real' part in the background and the NFT part is really just for show. And if the answer is "well that breaks everything" then it's a pretty bad system for property!
Also by the looks of the info here - https://passport.mattereum.com/West.London.Lets.01/ - the NFT is not really equivalent to full legal title, mattereum the company appears to act as a sort of ownership proxy which will transfer the title to the NFT holder on demand. So honestly it doesn't feel like cutting the UK property purchase bureaucracy so much as putting a legal structure in front of ownership so that you don't really complete a purchase at all.
As the other user pointed out too, well, good luck getting a million bucks for that little stretch of gravel in the middle of nowhere!
What happens in your system if the NFT key is lost or stolen?
If the answer is "We can fix that", then you have your authority, you have a 'real' part in the background and the NFT part is really just for show. And if the answer is "well that breaks everything" then it's a pretty bad system for property!
Also by the looks of the info here - https://passport.mattereum.com/West.London.Lets.01/ - the NFT is not really equivalent to full legal title, mattereum the company appears to act as a sort of ownership proxy which will transfer the title to the NFT holder on demand. So honestly it doesn't feel like cutting the UK property purchase bureaucracy so much as putting a legal structure in front of ownership so that you don't really complete a purchase at all.
As the other user pointed out too, well, good luck getting a million bucks for that little stretch of gravel in the middle of nowhere!