The Digital Property Market Steering Group (DPMSG) has launched a new explainer video designed to help consumers understand Smart Property Data and how it could improve the home buying and selling process.
The two-minute film has been made with consumers in mind, avoiding technical language, to help explain how sharing property information securely could make moving home easier and less stressful.
Recent research by the Open Property Data Association (OPDA) found around half of home moves in the UK fall through before completion, with repeated requests for the same information contributing to the frustration and delays experienced by consumers.
The video draws a comparison with Open Banking, something millions of people already use. It explains how, in the same way that consumers can approve payments securely through their banking app, Smart Property Data will enable people to control how their property information is shared.
The DPMSG is calling on organisations across the property and financial services sectors, as well as industry advocates, to help spread the video through their own social media channels and consumer communications.
Stephen Ward, DPMSG member and Director of Strategy at the Council for Licensed Conveyancers, the regulatory sponsor of the Smart Property Data Trust Framework Pilot, said:
“Smart Property Data offers the opportunity to revolutionise home moving by making it easier for the right information to be shared securely between the organisations involved, while keeping the consumer firmly in control.
“This short video is about making that idea easy to understand. We want people to see that this isn’t about technology for technology’s sake – it is about taking away some of the unnecessary repetition and friction from moving home to make the process simpler, faster and give home movers more certainty. Importantly, consumers will remain in control, including being able to see who holds their information and why.
“We’re asking organisations across the industry to help us get the video in front of as many consumers as possible, so that more people understand the benefits of Smart Property Data and what it could mean for them.”
The DPMSG is raising consumer awareness of Smart Property Data following the publication of the Government’s homebuying reform roadmap, which calls for greater digitisation, interoperability and improved sharing of trusted property data.
The video can be viewed at Digital Property Market Steering Group | Property Market Reform.
