A new initiative has secured £742,700 in government funding to revolutionise the homebuying and selling process, with the aims of cutting completion times by up to two-thirds.
The Property Data Trust Framework - led by the Council for Licensed Conveyancers (CLC) and in partnership with the Open Property Data Association (OPDA) and Open Banking pioneers Raidiam - will establish the first framework for digitising property data and enabling secure data sharing among all parties involved in a transaction.
The funds will help create a Property Data Trust Framework sandbox, testing the technical infrastructure needed to underpin the regulatory and security standards for firms who need to access and share property data. By establishing technical, security, and governance standards, the project determines the groundwork for digitally verifiable trust and interoperability in smart property data collaboration, supporting an effective and efficient property ecosystem.
The funding award, granted through the Regulators’ Pioneer Fund, marks a pivotal moment for the property industry, setting the stage for a transformation comparable to the impact Open Banking had on the financial sector, launched in January 2018.
The Property Data Trust Framework will bring together verified information from trusted sources such as HM Land Registry, local authorities, and conveyancers, enabling data to flow securely between stakeholders and significantly reducing transaction times, costs, and risks. Early projections suggest the system could cut completion times by as much as two-thirds.
Over the next 12 months, the project will enable ‘sandbox’ testing, establishing the technical, regulatory, and security standards required for large-scale adoption.
Sián Hemming-Metcalfe, operations director at Inventory Base, commented: “We’re proud to be helping lead this defining moment for the property sector. The Property Data Trust Framework isn’t another innovation project, it marks the start of a structural reset.
"Just as Open Banking reshaped financial data, this initiative will transform how property data is accessed, verified, and exchanged, creating a more connected, efficient, and transparent market for everyone.
"This funding allows technology leaders like Inventory Base to accelerate the development of smarter systems that reduce friction, improve confidence, and modernise the way homes are bought and sold. It sets a new standard for data you can trust, and a digital future the entire industry can build on.”
