The update will enable consumers to easily compare conveyancer quotes
The Open Property Data Association (OPDA) has unveiled the latest version of its property data trust framework, which aims to provide key conveyancing information digitally.
The update will enable consumers to easily compare conveyancer quotes, increasing market choice.
OPDA said its framework is already enhancing the digitisation of the property market, streamlining transactions. The framework, which includes a standardised set of data and governance principles, is freely available to the entire property industry and its software providers, including estate agents, lawyers, lenders, and brokers, without any restrictive, proprietary licences.
Developed with input from OPDA members, the updated framework features several new capabilities. It now includes essential information for generating a digital seller conveyancing quote, such as details on properties purchased with a Help to Buy equity loan.
The new version also supports the latest edition of the buying and selling property information (BASPI) form, which was updated earlier this year to align with the new National Trading Standards Material Information guidelines. Estate agents using the revised data fields in the OPDA framework will comply with these new guidelines.
The framework also accommodates extra documents in the digital property pack and can represent crucial declarations from sellers, such as the authority to act on behalf of all sellers and consent to share data with buyers, conveyancers, and lenders.
“We believe the key to digital transformation in this industry is building a broad ecosystem based on open data standards,” said Ed Molyneux (pictured), co-founder of Moverly and chair of the OPDA Schema Working Group. “It’s encouraging to see our members collaboratively develop our Property Data Trust Framework to unlock the potential of trustable, securely exchanged data.”
Founded a year ago, OPDA collaborates with the government, through the Digital Property Market Steering Group and the Ministry of Housing, Communities and Local Government, to promote the adoption of open data standards.
The release of the updated framework follows the King’s Speech last week, which introduced a Digital Information and Smart Data bill aimed at improving the homebuying process through better data utilisation.
Currently, less than 1% of property information is available digitally. OPDA stressed that digitising all property data and documents and making them shareable is crucial for accelerating the lettings process. It added that trustable, shareable data will also help reduce fraud and failed transactions, benefiting landlords and estate agents.
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