A major new government report estimates that smart data reforms could generate billions of pounds in economic value.
Overall, it found that smart data schemes could deliver £71.2 billion in net social value between 2028 and 2043, with homebuying identified as the top priority for implementation.
The report looked at a number of use cases including digital information for homebuying, which shows the highest return on investment across the five use cases.
It found that smart data for homebuying could create £14.1 billion in net social value and contribute £2.06 billion annually to UK GDP by 2043, making it the most economically impactful smart data use case across all sectors studied.
The report highlights that smart data can significantly reduce transaction failures, improve market efficiency and cut the time and cost burdens currently placed on consumers and property professionals.
The Open Property Data Association (OPDA) is already developing the standards and frameworks required to make smart data for homebuying a reality, including the Open Property Data Schema and the Smart Property Data Trust Framework, enabling secure, consistent and reusable property information across the transaction journey.
Maria Harris, chair of the OPDA, said: “This report confirms that smart data in homebuying is one of the highest value digital reforms available to the UK. By enabling secure, standardised and reusable property data, we can reduce delays, fall throughs and inefficiencies—and unlock billions in economic growth.
“Government now has a clear mandate to prioritise smart data for homebuying. With the right policy support, we can build a faster, more transparent and more resilient property market that benefits consumers and the wider economy.
“smart data for homebuying is critical for economic growth and improving our national infrastructure,” Harris added. “By working together, we can deliver a homebuying system that is faster, fairer and fit for the future.”
Stephen Ward, director of strategy at the CLC, commented: “This careful analysis shows the value of the work that is underway to transform home buying and selling in England and Wales. The CLC is very pleased to be the regulatory sponsor of the Smart Property Data Trust Framework project being delivered by the OPDA and Raidiam. We urge conveyancers of all kinds to consider getting involved with the work to develop and test a truly digital way of delivering property transactions with benefits for clients and conveyancers, as well as the housing market and wider economy.”
