The Council of Property Search Organisations (CoPSO) and the Open Property Data Association (OPDA) have signed a memorandum of understanding to recognise the overlap in their membership and shared objectives.

This paves the way for regular meetings and engagement with both memberships to deliver on their joint goals for the industry.

OPDA and CoPSO will promote the benefits of both organisations and also appoint non-voting representatives to sit on each other’s committees, as appropriate.

CoPSO board member Christian Lister says: “The future of open property data is an essential element of progressing the reform of the home buying and selling process.

“It makes complete sense that CoPSO and OPDA work together to optimise the potential of digitisation for the benefit of property buyers and sellers and the members of both CoPSO and OPDA.

“We look forward to working closely with Maria Harris and OPDA members to progress the excellent work that the association has undertaken.”

OPDA chair Maria Harris says: “CoPSO has represented, and set recognised standards, for search providers and their expanding electronic propositions for over 20 years.

“Collaborating with them aligns brilliantly with our own work.

“As we move to a world of open digital property data, engaging with those companies that provide vital information to property purchasers and their lawyers, day in day out, is essential to delivering the best digital future for the buying and selling process.”

Since it launched last year, OPDA has delivered open property data standards and models for trustable and shareable data.

The free and open-source tools have been created and tested in collaboration with every sector across the property industry.

OPDA says that those using its data standards for digital property packs have seen the time reduced from mortgage offer and purchase accepted to exchange of contracts to 15 days.

OPDA members include major mortgage lenders NatWest, HSBC, Nationwide and Lloyds Banking Group.