simplybiz. co. uk 29
The work started in 2021 with a request from the Home Buying & Selling Council, a government industry collaboration to improve the home buying process. They asked if I could digitise the buyer and seller property information pack – a set of information that the seller and estate agent should collate upfront to enable a better start to the process. The answer was of course, we can digitise anything these days, but the reality of non-digital data sources, siloed technology, legacy architecture and API connectivity, and lack of cohesive approaches to solving these quickly emerged.
The first firms to volunteer to work with me, government and industry to overcome these challenges became our OPDA exec committee and worked together to create the UK’ s first property data trust framework and open data schema. Since we launched in June 2023, we’ ve now been joined by four of the top six mortgage lenders and some of the biggest brands in the property industry. All publicly pledging their commitment and support to our mission.
The key to reform: Open data standards
We already know from open banking and other digitised industries that open data standards and trust frameworks are the foundation upon which a more efficient, transparent, and customer centric property market can be achieved. By adopting common standards for property data and creating an agreed model for verifying and sharing data between transaction parties, we can eliminate the fragmented and disjointed nature of current processes leading to safer, more trustable and successful transactions and a better experience for all of us.
Open data standards are essential for enabling safe and easy access, provenance, and shareability of data which is critical to the digitisation of the property market. connecting every part of the home buying journey with real-time information at the right time. A trust framework underpins the infrastructure we need to allow trust and sharing of property and identity data between lenders, conveyancers, buyers, and sellers, etc by identifying the approved sources of the data and accrediting the industry providers who can collect and share that data on behalf of the customer.
What this means for us and our customers
1. Efficiency and expediency
Having standardised data upfront and then flowing between stakeholders means faster, more secure transactions. Sharing verified identity and property data seamlessly reduces delays caused by missing documents, manual checking, and rekeying of information. Home buying becomes a streamlined process, slashing weeks or even months off current transaction times.
2. Reduced fall-throughs
Upfront property and identity information – like tenure, title restrictions, search flags, and KYC – improves the buying and mortgage decisions, reducing the risk of issues arising late in the process. The availability of trusted, verifiable data increases transparency and certainty and the likelihood of a successful transaction.
3. Improved customer experience
Smart property and reusable digital identity give consumers control and transparency of their data. By allowing home buyers and sellers to access and share verified information easily, we can reduce risk and fraud in the process and remove the friction that customers currently encounter. A smoother, more transparent journey builds trust, enhancing the overall customer experience.
4. Productivity boost for industry
Implementing open standards reduces the technology and administrative burden on all stakeholders. One API format, one data dictionary, one trust framework means we raise the standard for all providers and eliminate the need to process the same information multiple times or evidence its provenance.
The future of homebuying
We are making real and sustainable process in transforming the UK property market. Our open data and API standards are enabling digital upfront information and seamless data sharing across systems. Our next deliverable is working with government to create the property data trust framework, ensuring that data is digitised and verified at source and can be safely shared and relied on. By ensuring that property data can be verified from a trusted source through an ecosystem of accredited providers, we are advancing the infrastructure where transactions are not only faster but also more transparent and more secure.
The government’ s Digital Information & Smart Data Bill announced in the King’ s speech, is a critical next step in this journey. This new legislation will support consumers’ ability to access and have control over their property and identity data and will set out the future for that data to become smart and insightful for multiple use cases. Government commitment to this transformation underscores the importance of open data standards in shaping the future of the property market.
At OPDA, we are delighted with the progress being made and honoured to be driving this transformation. The alignment of legislation, government support, and industry collaboration means we can finally reform the home buying experience and all benefit from a more efficient, transparent, and well-functioning property market.
openpropdata. org. uk