The Open Property Data Association has signed an agreement with the Society of Licensed Conveyancers to boost digital home buying.
The bodies have sealed a memorandum of understanding that “aims to encourage the use of open data standards, improve interoperability between systems and support the delivery of more transparent, efficient and consumer-friendly property transactions”.
This will see the groups “work together to identify areas where data-led solutions and consistent digital frameworks can reduce duplication, cut transaction times and strengthen consumer confidence in the process”.
Open Property Data Association chair Maria Harris (pictured) says: “Through this partnership, we’ll be able to align our efforts to make data more accessible and interoperable, reduce friction between stakeholders and ultimately make moving home simpler and more transparent for everyone involved.”
Society of Licensed Conveyancers chairperson Simon Law says: “The OPDA has come a long way in a relatively short period of time, and the Association will make a very important contribution to the government’s clear intent to streamline the home buying and selling process.”
It added that HM Land Registry would build on its work in digitising property information and lead a series of 10-month pilots with several councils to identify the best approach to opening up more of their data and making it digital, while the government would push ahead with plans for digital identity verification services, including in the property sector.
The department pointed out that collapsed home sales – which impact one in three transactions – cost people around £400m a year, on top of the four million working days lost by conveyancers and estate agents alone, which amounts to £1bn.
It added that the introduction of digital homebuying services in Norway had helped the country bring down completed transaction times to around one month.
In the UK, the housing department says buying a home typically takes around five months.
