"We have an incredible opportunity to drive innovation, improve decision-making, and create a more transparent and efficient property ecosystem."
The Home Buying & Selling Group (HSBG) has announced that, following the public release of v2.0 of the Property Data Trust Framework, it has formed an independent industry body, the Open Property Data Association (OPDA).
OPDA’s mission is to foster innovation and industry-wide collaboration and to digitise the home moving process through the power of data. The association aims to support the creation and adoption of data and technology standards to create a digital, efficient, and trusted home moving process.
The ongoing maintenance, development, and governance of the Property Data Trust Framework will now move to OPDA. The association will continue to work closely with the Home Buying Selling Group to understand and help resolve the industry’s data and technology challenges and with government departments to improve the home buying process.
The Group says that firms who are already using its schema to create digital upfront property packs, instructing the sellers conveyancer on day one, and sharing the data using its open standards are seeing results with up to 70-day reduction in transaction times, 80% faster for customer checks, and a huge drop in fall through rates.
OPDA membership will cover a broad range of firms from all areas of property transactions including proptech start-ups, CRM and case management platforms, connectivity and integration partners, property data providers, property insight platforms, and other entities involved in property data.
Membership applications are now open to data, technology, and industry firms across the home buying, selling, and mortgage industry. Organisations and firms interested in joining the association are invited to visit www.openpropdata.org.uk for more information and to submit their application.
Maria Harris, chair of the Open Property Data Association, commented: "The quality and volume of work that our volunteer group has delivered over the last two years has been nothing short of monumental so I’m thrilled to be taking us onto the next stage of our evolution. By harnessing the power of data and fostering collaboration, we have an incredible opportunity to drive innovation, improve decision-making, and create a more transparent and efficient property ecosystem.
"Formalising the group as a trade association gives us the structure and governance we need to drive further innovation and represent our members interests relating to open property and technology standards with policy makers, regulators, other trade bodies, and industry stakeholders."
Kate Faulkner, chair of the Home Buying & Selling Group, added: “The HBSG generates some fantastic collaboration and innovation from those in the home moving process who are determined and passionate to improve the home buying and selling process. The Technology Group has delivered exceptional work and now there is an agreed way forward, industry experts need to be able to fund progress to ensure their practical ideas can be implemented for buyers and sellers. The HBSG will continue to provide free participation to enable everyone that wishes to put forward and progress ways to solve the problems in the home buying and selling process.”
