Updated framework aims to help letting agents comply with NTS guidance
The Open Property Data Association (OPDA) has introduced an updated version of its property data standards framework, aimed at aiding letting agents in adhering to new guidelines.
The update follows the initial launch of the framework in February and offers tools designed to streamline the compliance process with the National Trading Standards Material Information for Lettings guidance. The development involves collaboration with numerous firms within the lettings sector.
The recent implementation of National Trading Standards Parts B and C has simplified property listings through the use of digital data. However, OPDA said ensuring the authenticity of this data for safe re-use is crucial. The OPDA framework addresses this issue by tracking the origin of each data item, enabling users to confirm and document sources.
The framework is part of a broader effort to digitise the property market, aiming to make transactions more straightforward and efficient. Offering a standardised set of data and governance principles, it is accessible to all industry stakeholders, including estate agents, lawyers, lenders, and brokers, without any restrictive licensing.
According to OPDA, digital property information constitutes less than 1% of all available data. It stressed, however, that the conversion of all property data and documents to a digital format is considered essential for expediting the lettings process. It added that the availability of reliable and shareable data is expected to reduce the incidence of fraud and transaction failures, benefiting landlords and estate agents alike.
“This latest release so soon after the previous version is evidence that the industry can really make progress on these vital open standards when we all work together collaboratively,” said Ed Molyneux (pictured), chief technical officer of proptech firm and OPDA member Moverly.
“We are rapidly incorporating more opportunities to streamline many different processes within the property industry - Material Information for Lettings in this release - which will allow tools to really simplify estate agents’ compliance processes.”
“At Moverly, we’re really on board with the new framework and are seeing firsthand how much impact it has for our customers.”
The latest framework version has also been enhanced to better support the National Trading Standards for sales, incorporating feedback from agents to clarify requirements for agents and sellers. Future updates will focus on digitising aspects of conveyancing, lending, and completion, moving towards the comprehensive digitisation of the property sale process.
The framework update coincides with Lloyds Banking Group’s recent membership of the OPDA, which is also collaborating with the government, through the Digital Property Market Steering Group and the Department for Levelling Up, Housing and Communities, to promote the adoption of open data standards.
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