Breaking Property News – 25/07/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Latest property data trust framework helps digitise conveyancing
The Open Property Data Association (OPDA) has released the newest version of its property data trust framework which, among other benefits, will help key conveyancing information to be provided digitally. It will be easier for consumers to view a comparable list of conveyancer quotes, bringing greater choice to the market.
OPDA’s framework is already boosting the digitisation of the property market, making transactions easier and more efficient. A standardised set of data and governance principles, the framework is freely available to the entire property industry and its software providers, from estate agents, through to lawyers, lenders and brokers, without any restrictive, proprietary licences.
Produced in collaboration with OPDA members, the latest version of the framework has several new features. It can represent key pieces of information required for producing a digital seller conveyancing quote. This includes whether the property has been purchased with a Help to Buy equity loan.
The new version also supports the latest and fifth version of the Buying and Selling Property Information (BASPI) form, updated earlier this year to support the new National Trading Standards Material Information guidelines. Estate agents using the updated data fields in the OPDA framework will be compliant with the new guidance.
The new version also supports additional documents in the digital property pack, and it can represent some important declarations required from sellers. These include declarations such as the authority to act on behalf of all sellers and their consent to share the data in the property pack with buyers, conveyancers and lenders.
Ed Molyneux, co-founder of Moverly and chair of the OPDA Schema Working Group, said: “We really believe the key to digital transformation in this industry is the building of a broad ecosystem based on open data standards. It’s so encouraging to see all of our members engaging with the collaborative development of our Property Data Trust Framework so we can all finally unlock the potential of trustable, securely exchanged data.”
Founded a year ago, OPDA is also working with Government, through the Digital Property Market Steering Group, and the Ministry of Housing, Communities and Local Government, to encourage the adoption of open data standards.
The release of the new version of the framework comes after the King’s Speech last week announced a Digital Information and Smart Data bill that proposes uses of data to help the homebuying process.
Currently, less than one per cent of property information is available digitally. Converting all property data sources and documents to a digital format and making them shareable is essential if the lettings process is to speed up. Shareable and trustable data will also reduce fraud and failed transactions which will be hugely beneficial to landlords and estate agents.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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