The mortgage and homebuying market is edging closer to a data revolution, as fresh independent research calls for government and industry to unite with the Open Property Data Association (OPDA) to deliver a property data trust framework.

Open data aims to transform the homebuying sector, with common data standards expected to bring reduced costs, faster completions and more certainty for brokers, lenders, homebuyers and legal firms.

The study, carried out by TPXimpact for the Digital Property Market Steering Group (DPMSG), sets out an evidence-based case for shared open data standards to transform the mortgage and property sector.

It argues that open data is essential to cut delays, boost efficiency and improve security, recommending that government, industry and DPMSG work alongside OPDA to form a trust framework that will underpin the shift.

For brokers and lenders, the changes are expected to modernise every stage of the mortgage process, with standardised property data reducing uncertainty, duplication and friction for customers.

The report highlights the work of OPDA’s member firms, many of whom are already deploying data-driven solutions to speed up transactions.

OPDA chair Maria Harris said: “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.”