Open Property Data Association

Please see below the updated plans for the Digital Property Market Steering Group (DPMSG) including important information about the next developments for the Digital Property Information protocol (DPIP) As you'd expect, we're delighted to see open data, data sharing, and digital identity standards confirmed as the three priority areas for the coming year!

What a few weeks we've had at Open Property Data Association First the Ministry of Housing, Communities and Local Government announce their plans to digitise their own property data and to work with industry on data standards and a property trust framework. Then the House of Commons confirm that the Data (Access and Use) Bill will be presented for it's 3rd and final stage over the next few weeks before being presented for Royal Assent. Our consumer survey results from over 5,300 homebuyers found that more then 82% of people think digital property packs are a good idea and more than 3/4 of homebuyers would use one today. We'll continue to share the headlines in the run up to releasing the full report but the key stats have already been picked up in the press (including The Times and Phil Spencer!) And our association members, including tier 1 banks, technology and network firms, conveyancing partners, etc. are publicly committed to digitising their own mortgage and homebuying processes using our data standards and collaboration tools. The article below from Laura Myers at Halifax Intermediaries is a perfect example 🙌🏾 I really can't wait until this becomes the new norm for every customer buying and selling a home - transforming the property market is long overdue!

If you didn't see this last week and want something worth a weekend read, then please see this article from Laura Myers at Halifax Intermediaries It's great to hear the UK's biggest lender, and one of our member firms, so commited to digitisation and digital transformation of the mortgage and homebuying process. Really appreciate the ht for our work on standards too Laura 🙌🏾 https://lnkd.in/d3jUhVCZ

Thank you to The Times, and David Byers, for the coverage in this article about digitising the homebuying and selling process. There's no reason why buying property shouldn't be as easy as booking a holiday, however, it's Dickensian and fraught with trepidation. The good news for buyers and sellers is that a revolution has begun, with moves in place to change the way the process works. As our CEO, Dan Salmons says in the article: "You’ve got a load of separate elements to a transaction and there’s no coherent experience. What Coadjute does is give that coherent experience”. https://lnkd.in/efh8Gvhd #estateagents #homebuying #digitaltransformation

This ⬇️⬇️⬇️ David Byers from The Times has included our consumer research in his article on how digital innovation will improve the home buying process 🙌🏾 Analysis by the Open Property Data Association (OPDA), an industry body committed to speeding up the buying process, says less than 1 per cent of data relevant to purchases is accessible in digital format, with the information being overseen by multiple unconnected government departments and non-governmental agencies — a phenomenon that leaves Britain lagging behind almost every country in the western world. “The property market is long overdue for transformation,” says Maria Harris, the chair of the OPDA and the former director of lending at the digital Atom Bank. Indeed, because of the chaos involved, conveyancers seem fed up with doing a job that is considered by many in the legal profession to be a thankless task. Between 2021 and 2025 the profession lost about 15 per cent of its workforce, from about 13,000 practitioners down to 11,140. This follows a similarly seismic reduction during the financial crisis of 2008.

This is a scary headline but there is no reason for any estate agent to be non-compliant. All of our member firms providing digital property packs help the seller to collect the data they need and verify it's provenance to ensure the listing is compliant. We also recommend that sellers instruct a conveyancer at listing and order their searches upfront. If you are an estate agent and not using digital property packs for your customers, please speak to one of our member firms! You can find our members on our website or DM us. www.openpropdata.org.uk https://lnkd.in/eVEnUT26

💥 This week, read about the new ‘Cashflow Score’ solution from Experian, which helps lenders in North America use Open Banking data to inform credit decisions.    Staying in North America, FDATA Global and Open Banking Expo have formed a media partnership to advance Open Finance awareness. Read on to find out what FDATA’s Steve Boms had to say about the new partnership, ahead of the FDATA Global Open Finance Summit in May.   🇬🇧 In the UK, the Financial Conduct Authority released its new five-year strategy, with further details about the rollout of Open Finance and its areas of focus up until 2030. What does the industry make of the FCA’s plans?   The UK’s Open Property Data Association also published the findings of its latest research on digital property packs and the availability of digital property information.   👀 Check out the Deeper Dives section for longer reads, including from D•One’s Tim Kelleway.   #OpenBanking #OpenFinance #property #SmartData #payments #accesstocredit Experian, Scott Brown, Amanda Garofalo, Steve Boms, FDATA Global, Laine W., Richard Prior, Ghela Boskovich, Financial Conduct Authority, Charlotte Crosswell OBE, Centre for Finance, Innovation and Technology (CFIT), Innovate Finance, Janine Hirt, D•One, Tim Kelleway, Open Property Data Association, Maria Harris, Marion King, Open Banking, Moneyhub, Dan Scholey, ExpenseOnDemand

With huge thanks to Phil Spencer founder of property advice website Move iQ and Marion King chair and trustee at Open Banking for supporting our call for a better customer homebuying experience “This announcement highlights what many of us in the property industry have known for years – the data we rely on just isn’t easily accessible, and too often, it’s in formats that are outdated, unreliable, or difficult to share safely." Phil Spencer "Open banking is the blueprint for what could be possible in other sectors. By enabling secure, consent-driven data sharing, open banking has transformed financial services—delivering greater transparency, efficiency, and competition. This same approach can unlock similar benefits in areas like digital property packs, streamlining transactions, reducing friction, and ultimately improving consumer outcomes. As we’ve seen in financial services, when data moves seamlessly, markets work better for everyone.” Marion King

Open Property Data Association research highlights gap in consumer perception of digital property transactions

I don't know what's worse - that 64% of people believe their property data is already digital or that less than 1% actually is! Hope we see a financial commitment from govt in the spring statement to start working on this.