They aim to streamline the homebuying process and reduce transaction times
The Council of Property Search Organisations (CoPSO) and the Open Property Data Association (OPDA) have signed an agreement to work together on promoting open property data in a bid to improve the homebuying and selling process in the UK.
The two organisations have entered into a Memorandum of Understanding (MoU), recognising overlapping goals and memberships. The MoU, which has no expiration date, sets a framework for regular meetings and joint efforts to advance shared objectives.
Under the agreement, each organisation will promote the other’s benefits to their respective memberships and appoint non-voting representatives to participate in each other’s committees when appropriate.
“The future of open property data is an essential element of progressing the reform of the home buying and selling process,” said Christian Lister, CoPSO board member. “It makes complete sense that CoPSO and OPDA work together to optimise the potential of digitisation for the benefit of property buyers and sellers and the members of both CoPSO and OPDA.”
Maria Harris (pictured), chair of OPDA commented: “CoPSO has represented, and set recognised standards, for search providers and their expanding electronic propositions for over 20 years. Collaborating with them aligns brilliantly with our own work.
“As we move to a world of open digital property data, engaging with those companies that provide vital information to property purchasers and their lawyers, day in day out, is essential to delivering the best digital future for the buying and selling process.”
Since its launch last year, OPDA has developed open property data standards designed to create reliable and shareable data. The group’s open-source tools, created in partnership with various industry sectors, have shown potential to significantly reduce transaction times. According to OPDA, users of its digital property pack standards have seen the time from mortgage offer acceptance to exchange of contracts drop to as little as 15 days.
OPDA is also urging the government to digitise property data at the source and to provide greater clarity on the path to a fully digital homebuying market. Major mortgage lenders, including NatWest Group, HSBC, Nationwide, and Lloyds Banking Group, are among OPDA’s members.
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