"Home buying in the UK remains far too manual and fragmented. "
The initiative, developed in partnership with the Open Property Data Association (OPDA) and Open Banking technology provider Raidiam, will create the UK’s first framework for digitising and securely sharing property data among all parties in a transaction.
The Property Data Trust Framework will enable conveyancers to access verified information from multiple sources - such as HM Land Registry, local authorities and lenders - through a single, trusted platform. Early estimates suggest that this could reduce the time, cost and risk of buying or selling a property by as much as two-thirds.
The project will run over the next 12 months, testing the technical infrastructure needed to ensure data security and regulatory compliance. If successful, it could form the basis of an open data standard across the property market, supporting greater interoperability between systems used by conveyancers, estate agents and lenders.
The project will conclude with a final report setting out recommendations for the wider adoption of smart data principles across the property sector and other areas of the UK economy.
Sheila Kumar, chief executive of the CLC, said: “This is a significant and hugely exciting step forward in transforming the homebuying and selling process, which for far too long has been held back by inefficiencies including a lack of unified standards, contributing to around one in three transactions falling through."
“Like Open Banking, this project has the potential to deliver the blueprint for a seamless, efficient and truly transparent experience for consumers and with experts such as Raidiam and the OPDA working together, I have no doubt that it will.”
Maria Harris, chair of OPDA, said: “Today’s announcement is a vital step in demonstrating how a smart data trust framework can streamline the way we buy and sell property. The homebuying process in the UK is one of the slowest and most painful in the world. Improving data standards and data sharing in the housing market will not only speed up transactions, building trust and confidence, but it will also be a catalyst for economic growth."
“This project will test and demonstrate data sharing in a safe, compliant, and cost-effective way, serving as a proof point for digital transformation in the property market. By embedding open standards and improving the way that data is shared between buyers, sellers, lenders, conveyancers, and estate agents, we can bring the housing market into the digital age.”
Barry O’Donohoe, chief executive and co-founder at Raidiam, added: “Home buying in the UK remains far too manual and fragmented. Together with the OPDA and CLC, we’re proving how secure, consented data sharing – enabled by the Property Data Trust Framework – can make the process faster, safer, and more transparent, creating tangible value for everyone involved.”
