Santander has joined the Open Property Data Association (OPDA) as part of its ongoing mission to transform and digitise the home buying process.

In a Santander report, it found that while the initial stages of the home buying process appear smooth with two fifths (41%) of consumers confirming that securing a mortgage offer was perceived as ‘easy’, but the latter stages remain slow, paper-based and overly complicated.

It also revealed that while 83% of consumers said they felt supported by their broker during the mortgage process, more than half (54%) had to keep chasing during the conveyancing process to move things along, and a quarter 23% found the documents too complicated.

The report shows that the difficulties in the process contribute to one in three property transactions (530,000) falling through, with an estimated economic cost of £1.5bn every year in fees paid by consumers alongside lost work and leisure time as consumers focus on purchase related activities.

It also noted that the current process puts consumers off wanting to move again, acting as a blocker to a well-functioning market. However, 88% of consumers say they would be more likely to move in future if the system were more streamlined.

Santander has called on the Government to expedite digitisation and improve data sharing across all parties in the process through a Smart Data Working Group, with its OPDA membership marking the lender’s latest step in working with industry to drive the change.

Santander head of homes David Morris says: “We’re delighted to be joining the OPDA to drive this mission forward and are well aligned with their calls for action across the industry. We’re urging for more digitisation and the implementation of better upfront data, accompanied by improved data sharing to help simplify and streamline the legal process for all.”

“This would not only speed things up but also provide increased security for buyers and sellers alongside reducing the enormous cost – both finally and emotionally – of property purchases falling through.”

OPDA chair Maria Harris adds: “Mortgage lenders, intermediaries, and their system providers have worked incredibly hard over the last few years to streamline the mortgage advice and application process. This has been great for consumers, making lending decisions quicker, less stressful, and more reliable.”

“However, with the whole homebuying transaction taking twice as long as consumers expect and a perceived lack of transparency and control, it’s time to focus on improving all of the customer and industry user experience.”

“We will only solve the challenges and remove the barriers to change if we collaborate as an industry on the best possible ways of working and transforming the outdated practises that are holding us back.”

“That’s why it’s so important to have industry heavyweights like Santander UK join us and commit to working across the ecosystem with a common goal – improving the homebuying process for everyone.”