Property industry leaders are stepping up efforts to explain forthcoming digital home moving reforms to consumers as the Government pushes ahead with plans to improve how property information is shared.
The Digital Property Market Steering Group (DPMSG) has launched a consumer explainer on Smart Property Data, designed to show how information could move more easily between estate agents, conveyancers, lenders and others involved in a transaction.
The initiative follows the Government’s homebuying reform roadmap, which puts greater digitisation, interoperability and the sharing of trusted property data at the heart of plans to speed up transactions.
Research from the Open Property Data Association (OPDA) suggests around half of UK home moves fall through before completion, with repeated requests for information identified as one source of delays and frustration.
SHARING PROPERTY DATA
The DPMSG compares the proposed system with Open Banking, where consumers authorise organisations to access and share information securely.
Under the Smart Property Data model, home movers would similarly remain in control of their information, including who can access it and why.
The group is encouraging estate agents and other businesses across the property and financial services industries to explain the changes to their customers and share its new consumer information.
Stephen Ward, DPMSG member and Director of Strategy at the Council for Licensed Conveyancers, says: “Smart Property Data offers the opportunity to revolutionise home moving by making it easier for the right information to be shared securely between the organisations involved, while keeping the consumer firmly in control.
“This short video is about making that idea easy to understand. We want people to see that this isn’t about technology for technology’s sake – it is about taking away some of the unnecessary repetition and friction from moving home to make the process simpler, faster and give home movers more certainty.”
CONSUMER AWARENESS
The initiative comes as the property industry prepares for a wider shift towards upfront information and digital property records under the Government’s homebuying reforms.
Ward adds: “We’re asking organisations across the industry to help us get the video in front of as many consumers as possible, so that more people understand the benefits of Smart Property Data and what it could mean for them.”
Watch the video HERE.
