The government has announced the launch of pilot projects to explore digital solutions to improve the home buying and selling process.
The government is developing a package of reforms to the home buying and selling process in England, with a clear focus on improving the availability of essential property information and driving much needed digitalisation of the sector.
The pilot projects will explore innovative, digital solutions to improve the home buying and selling process, transforming an inefficient, largely paper-based process into a streamlined, digital one.
With £3m of funding for delivery, the projects are:
+ PropTech Innovation Fund pilots: the government will fund a number of PropTech firms to scale up innovative products that have the potential to significantly improve the home buying and selling process
+ Open Data Pilots: The government will fund a small number of local authorities to pilot approaches to digitalising local authority-held data relevant to residential property.
+ Data standards project: the government will fund independent research on data standards to kick-start its plans to bring forward a set of standards for the sector.
The government’s decision to launch pilot projects for digital homebuying solutions has been warmly welcomed by the Open Property Data Association (OPDA).
OPDA engages with different Government departments to highlight the need for open standards, prioritise the digitisation of property data, and to drive the adoption of digital innovation across the industry. It was set up earlier this year, with companies across the homebuying and mortgage industry, to make accessing and sharing property data simpler and quicker.
OPDA research, based on its proof-of-concept and beta testing on which property data sources have the biggest impact on improving transactions, looks set to inform the pilot projects.
OPDA particularly welcomes the open data pilots project and the data standards project. The association has delivered a property data trust framework. The availability of open data, underpinned by common data standards, is essential to build on this work.
Digitising relevant local authority data will be one of the biggest drivers of transaction efficiency, while increasing transparency for buyers, mortgage intermediaries, lenders, and conveyancers earlier in the homebuying process.
Data standards for these public sources will mean the data can be shared digitally across all transaction parties with provenance attached. This will create a trusted and interoperable way for the industry to work from one reliable source.
Maria Harris, chair of OPDA, said: “Open data standards are essential for making informed decisions about property. The home buying process should be 100% digital and data driven. But it’s currently less than 1% digital.
“We are very pleased that government is committing funding and resource to improve the home buying process and taking an active role in how we achieve the digital and data standards we need.
“Better information for consumers before making an offer will reduce the number of failed transactions throughout the system.”
