A widespread misunderstanding of digital property transactions is slowing progress in the housing market, according to new research from the Open Property Data Association (OPDA).
The study reveals a significant gap between consumer perception and reality. While 64% of respondents believe that at least 21% of property information is already available digitally, in reality, less than 1% of such data is accessible in a truly digital format.
The OPDA argues that this disconnect is a major contributor to delays, inefficiencies, and a lack of transparency in property transactions.
There is strong consumer support for change. The research found that 82% of consumers see Digital Property Packs as a positive innovation, with 77% indicating they would use one if available.
RIPE FOR TRANSFORMATION
These findings follow last month’s announcement from the Department for Levelling Up, Housing and Communities (DLUHC), which acknowledged the need for smarter use of property data and greater efficiency within the sector.
Maria Harris, Chair of OPDA, says: “The property market is long overdue for transformation. Our research shows that consumers are not only open to Digital Property Packs but are actively calling for them.
“With the government’s commitment to digitisation, now is the time to push forward and ensure that buyers and sellers have the safe, trusted information they need at their fingertips.”
GAME-CHANGER
Phil Spencer, Founder of property advice website Move iQ, adds: “This research confirms what many of us in the industry have known for years – the data we rely on isn’t easily accessible, and too often, it’s stored in outdated, unreliable or difficult-to-share formats.
“If implemented correctly, clearer protocols for property data could be a game-changer for how we buy and sell homes.”
Digital Property Packs offer a potential solution by providing a secure and instantly accessible gateway to essential property details. By enabling buyers and sellers to access, verify, and share critical information upfront, these packs could help streamline transactions, reduce fall-through rates, and build greater trust in the process.
However, the research also underscores the need for clear guidance and regulation to support widespread adoption. Some 15% of consumers highlighted government or regulatory oversight as a crucial factor in increasing their confidence in using Digital Property Packs.
BLUEPRINT FOR CHANGE
Marion King, Chair and Trustee at Open Banking Limited, sees parallels between open banking and the potential for digital property transactions and says: “Open banking has transformed financial services by enabling secure, consent-driven data sharing, leading to greater transparency, efficiency, and competition.
“A similar approach in property transactions could bring the same benefits – streamlining processes, reducing friction, and improving consumer outcomes.”
