The Open Property Data Association (OPDA) has been announced as one of 10 finalists in the Department for Business & Trade Smart Data Challenge, with its submission focused on transforming the home buying and selling process through better use of smart data.
Led by Ed Molyneux, Co-founder and CTO at Moverly and Chair of OPDA’s schema working group, and supported by OPDA’s diverse membership base, the submission will explore how smart data can unlock a more transparent, efficient and trusted property market.
The team will prototype an augmented digital property pack and demonstrate the potential of a smart property data economy.
The project will be delivered in collaboration with OPDA member firms, all of whom will have access to a ringfenced sandbox environment designed specifically for the challenge.
DIGITAL DATASETS
This will enable members to actively contribute to the design and testing of new digital datasets and customer journeys across the buying and selling lifecycle.
Maria Harris, Chair of OPDA, says: “This is a significant milestone for OPDA and a major opportunity to show how open data standards and smart technology can dramatically improve the property transaction experience.
“With our sector-wide collaboration and Ed’s leadership, we’re excited to co-create solutions that serve both consumers and the wider industry.”
SMART DATA INNOVATIONS
The Smart Data Challenge is backed by the Department for Business & Trade in partnership with Challenge Works and the Open Data Institute. It aims to accelerate the development of smart data innovations across sectors, empowering individuals and improving market outcomes.
The OPDA prototype will be developed with learnings shared across the sector to help shape the future of digital property transactions.
The OPDA prototype will be developed over the coming months, with learnings shared across the sector to help shape the future of digital property transactions.
A new research report from OPDA, The Future of Homebuying: Consumer Expectations and the Path to Digital Transformation, shows there is significant appetite for digitisation of property transactions.
Of more than 5,300 respondents, 82.2% responded positively to the concept of a digital property pack and 76.7% said they would use such technology to securely share documents and data.
