The Open Property Data Association (OPDA) has welcomed the findings of independent research that calls for government and industry to work together on a framework to govern the use of property data.
The report, published this week by consultancy TPXimpact on behalf of the Digital Property Market Steering Group (DPMSG), sets out an evidence-based case for the adoption of shared data standards to ensure interoperability across the UK property market.
It recommends that government, industry and DPMSG collaborate with OPDA to co-create a “trust framework” underpinning the future of smart property data and the homebuying process.
The research highlights the role already played by OPDA member firms in driving innovation and adoption of open standards. It also underlines the importance of collective governance and standardisation in order to modernise the customer experience across the housing market.
CREATE THE FUTURE
Maria Harris (main picture), Chair of OPDA, says: “This report provides a clear and independent perspective: data, trust and interoperability standards are the foundations of the property market’s future.
“The recommendation for government and industry to work with OPDA on co-creating the trust framework reflects the progress our members have already made, and the vital role standards will play in enabling a simpler, faster and more secure homebuying process. Delivering this change is inevitable and the best way for us to predict the future is to create it.”
TRANSFORMATION PERIOD
The homebuying and mortgage markets are seen as being at the start of their most significant transformation in decades.
Ministers have committed to digitisation, with legislation already in place and collaboration under way across lenders, agents, conveyancers and technology firms.
Advocates say that introducing standardised, open data protocols will cut duplication, reduce costs and accelerate transactions, making homebuying quicker and less prone to errors.
The new framework is expected to be central to ensuring that digitisation delivers benefits for consumers while maintaining trust in the system.
