The Open Property Data Association supports the standardization of open property data to streamline the homebuying process for buyers, sellers, estate agents and solicitors with its trust framework – another example of #datasharing that will benefit the UK economy.
The Open Property Data Association supports the standardisation of open property data to streamline the homebuying process for buyers, sellers, estate agents and solicitors with its trust framework – another example of #datasharing that will benefit the UK economy. Read the case…
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The Open Property Data Association (OPDA) is an independent industry body which “aims to promote the application of open property data for the benefit of all.”
Established in 2023 by Chair Maria Harris, the association “recognized that the UK’s property data is held across several different organizations, ranging from government departments to local authorities, from private organizations to financial institutions.”
Less than one per cent of this data is “digitized and there is no common format, standardized API, or trust framework to enable it to be effectively shared.”
The absence of a common standard is “one of the main causes of delays in the homebuying chain, with each party (estate agents, mortgage lenders and brokers, surveyors, and solicitors) having to source and verify their own data for their part in the process.”
These delays are stressful for buyers and sellers, “undermine confidence in the home-buying process, incur unnecessary administration costs, and can sometimes cause the entire chain to collapse.”
Home-buying is one of “the seven economic sectors identified in the ‘Smart Data Big Bang’, announced in the Chancellor’s Autumn Statement, as being able to benefit from the increased data sharing and standardization similar to that delivered by open banking, all of which will deliver wider economic benefits and cost-savings to consumers, SMEs and the public sector.”
In February 2024, OPDA launched the latest version of its framework “for property data standards.”
The framework aims to speed up “the digitization of the property market, helping to make transactions easier and more efficient for both homebuyers and property professionals.”
Converting all property data sources and documents “to a standardized digital format and making them shareable through open data standards will support this much-needed transition to digital property transactions.”
The toolkit includes a common data dictionary, “a standardized way to describe property attributes, and a methodology for sharing data with trust and provenance attached. It is available to the property industry and its software providers free of charge, without any proprietary licenses.”
Developed in collaboration with key industry organizations “such as the Home Buying and Selling Group, the Royal Institute of Chartered Surveyors, and Moverly, which offers an automated system for managing property data, the latest version of the toolkit complies with the National Trading Standards (NTS) material information on property listings.”
Published last year, the guidance aims to “help buyers, agents and conveyancers make informed decisions on property purchases by offering verified, transparent and accurate information.”
Currently, the data needed by agents to “comply with these rules is accessed from numerous data sources, including sellers, and can be hard to both aggregate and verify.”
As well as accelerating the digitization of the home-buying journey, “from start to finish, the OPDA framework will also support further innovation in the property and PropTech sectors.”
Both OPDA and Moverly were shortlisted in the Department of Business and Trade’s Smart Data Discovery Challenge, which “invited organizations from different sectors to submit their ideas for smart data use cases that could benefit consumers, small businesses and wider society.”
