The Open Property Data Association (OPDA) is calling on homebuyers, sellers and industry professionals to respond to the Government’s sweeping consultation on reforming the home moving process.
The review, described as the most significant in decades, aims to cut costs, reduce delays and slash the number of failed transactions that plague the market each year.
Under the proposals, sellers and agents would be legally required to provide key information upfront, while the introduction of optional binding contracts could help prevent withdrawals late in the process.
The Government is also considering the rollout of trusted data and digital tools to allow movers to complete tasks and track progress in real time.
SPEED UP HOMEBUYING
The 12-week consultation, led by the Ministry of Housing, Communities and Local Government, runs until 29 December.
The OPDA, long a campaigner for better data sharing and upfront information, says the reforms could accelerate what is currently a 22-week average journey from offer to completion.
Early adopters of OPDA-backed digital property packs have already seen timelines fall to as little as 15 days from mortgage offer to exchange.
HAVE YOUR SAY
Maria Harris (main picture), chair of the OPDA, says it’s vital that everyone involved in the home moving process – from consumers to conveyancers, intermediaries to lenders – has their say on the Government’s proposals.
“Buying a home shouldn’t take months of uncertainty and stress. But because of outdated processes, duplication and breakdowns in communication, the house moving process now takes twice as long as it did 20 years ago.
“We believe open data and technology standards are essential for transforming the housing market and delivering proven economic benefits, and that’s why we’re working with the industry to campaign for change.
“We have a unique opportunity to deliver the type of transformational change that doesn’t come along very often – let’s make sure we land this one by sharing our views.”
To have your say on the home buying and selling reforms, visit the MHCLG’s online consultation portal.
MEMBERSHIP
The OPDA’s membership spans major lenders including NatWest Group, HSBC, Nationwide and Lloyds Banking Group, alongside intermediaries, surveyors, conveyancers and proptech firms.
Its Property Data Trust Framework – designed to allow different systems to exchange information securely – was recently awarded £750,000 through the Government’s Regulators’ Pioneer Fund.
