Breaking Property News – 25/05/2023
Daily bite-sized proptech and property news in partnership with Proptech-X.
The Home Buying & Selling Technology Group announces release of Property Data Trust Framework v2.0
I must declare an interest in the following press release from the HBSG, not least as many of my clients from Proptech-PR ‘A consultancy for Proptech founders’ are in the mix, as well as my own involvement. The evolution and significance of this extremely important project, which will benefit many stakeholders in the property sector is an example of collective purpose, sadly lacking in a fragmented approach to getting ‘property done’ in a fast and furious way.
Press Release, ‘The HBSG is pleased to announce the release of v2.0 of the Property Data Trust Framework and updated JSON schema. Launched via its Technology Working Group, these updates build on the success of the original framework, learnings from live beta testing, and provide even more comprehensive guidance for open property data sharing.
One of the biggest challenges facing the home moving industry has been its siloed systems and processes, closed platforms, and inability to share data in a trusted way. The lack of structured data and technology standards has stifled innovation and held the industry back, contributing to a poor customer and user experience – similar to the challenges seen in fintech and current account data before Open Banking.
The Property Data Trust Framework is a set of principles and guidelines that enable property data sharing in an open and transparent manner (like Open Banking but for property data). It sets out the key requirements for data providers, data users, and trust entities to facilitate secure and seamless property data sharing.
The updated version incorporates the new and updated fields in v4.0 of the BASPI (buyer and seller property information), changes to LPE forms, new data fields for search results, as well as the addition of referencing to map digital upfront data directly to other formats such as TA forms. These changes ensure that the framework remains current and relevant in a rapidly evolving digital landscape.
This new version of the schema provides an industry ready, standardised format for property data that ensures consistency and accuracy. By adopting these standards and implementing the data structures in the schema, the framework makes it easier for industry firms, software organisations, and connectivity platforms to collect and share data with confidence.
Maria Harris, Chair of the Technology Group, commented:
“We are excited to release the updated version of the Property Data Trust Framework and JSON Schema which has been made possible through the amazing support and contributions from our volunteer group including Adoor, Coadjute, Moverly, Redbrick Solutions, TM Group, etc.”
“We believe that these updates will help organisations navigate the complexities of open property data sharing and promote greater transparency and innovation in the property industry.”
Lubna Shuja, President of the Law Society of England and Wales:
“We are committed to helping improve the home-buying experience for consumers and others involved in the conveyancing process. It needs to be less unpredictable to reduce time scales and to make it as stress-free as possible.”
“There is no silver bullet. However, one way to improve the process is to provide consumers with information about the buying process and key information about a property at the very beginning of their search for a home. Part of the work to achieve this is already at an advanced stage, and this should help consumers understand what they are buying and lead to a reduction in sales falling through.”
Kieran Witt, Kotini CEO said:
“A trust-based and open property ecosystem, like the Property Data Trust Framework is creating, is one of the ways property transactions will become more efficient and less stressful for the end consumer. Version 2 is yet another step forward, and we’re proud to be supporting this innovation and its continual development.”
The HBSG and Technology Working Group encourage all organisations involved in property data collection, NTSELAT Material Information required on advertising a property, upfront information, property listings, estate agency, searches, or conveyancing to adopt these standards and help drive the industry forward.
The Property Data Trust Framework v2.0 and JSON Schema are open source and available for free on GitHub.
More Demand for Co-Living Lettings than Ever Before
New data from London’s largest co-living operator from Q1 2023 has revealed the average houseshare room in the capital attracted more lettings enquiries from prospective tenants than ever before during this period; an average of 8.5 per room available-
London’s buoyant co-living market shows no signs of slowing down, according to new data from the capital’s largest co-living operator, revealing that the first three months of 2023 showed more lettings enquiries per average unit available than ever before; an average of 8.5 per room.
The data, released by Built Asset Management (BAM), shows that demand for available co-living units across London is at its highest point ever since BAM’s inception in 2013 during January- March 2023.
When compared to the same time period 12 months prior, the average number of prospective tenant enquiries per unit received by BAM sat at 5.3. In addition, when comparing this to 2021 and mid-pandemic levels, average enquiries sat at 2.1 per room available.
Demand for available units is further emphasised by data showing how long the average empty unit remains available within BAM’s portfolio of 1,300+ rooms across London’s most popular residential boroughs. According to the newly-released data, the average co-living unit remains available to let for just two working days; measured by the point at which BAM advertises a unit’s availability to prospective tenants, to the point at which a tenant pays a holding deposit to take the unit off the market.
Highest demand throughout Q1 2023 for co-living lets was seen amongst the 30-35 age bracket, making up 39% of total lettings enquiries received. In comparison, the year prior saw a slightly younger demographic of tenant most prominently seeking co-living accommodation in the capital, with 25-30 year olds making up 42% of enquiries received by BAM.
“Q1 of 2023 witnessed an incredibly hot co-living market. Our data shows us that the ever-increasing popularity of the model amongst young professionals was supercharged by a desire for known, fixed overheads in a world of rapidly increasing energy costs. The effects were magnified by supply and demand imbalances in the wider rental market, as landlords sold 35,000 more properties than they bought across 2022, ” explains Alex Gibbs, Co-Founder and Director of Built Asset Management.
“After the scares around a new covid variant in early 2022, Q1 of 2023 represents the first start to a year in a co-living market fully unaffected by the pandemic since 2019. Traditionally a very buoyant part of the year pre-pandemic, it has been very positive to see the market return to this form.
“Whilst demand is notably up across the board, when compared to the same period for the preceding three years, demand in the 30+ age category has seen the largest surge. This was a change that we expected to see, to a degree, due to the cost-of-living crisis taking hold and motivating Londoners further along the age and income continuums to opt for a more financially stable and cost-effective living arrangement.”
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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