The Open Property Data Association (OPDA) is urging consumers and property professionals to have their say on the Government’s proposals to transform the home moving process.
Touted as the biggest review of the housing market in a generation, the Ministry of Housing, Communities and Local Government (MHCLG) is consulting on a major reform to the house buying system, which aims to cut costs, reduce delays and halve failed sales.
Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and the option of binding contracts could stop either party walking away late in the process.
The proposals also call for the introduction of trusted data and digital tools to allow consumers to complete tasks and track progress in real time.
The 12-week consultation is open until 29 December.
The OPDA has been campaigning to improve the home buying and selling process, including safe and secure sharing of trusted open property data, and clarity for everyone with upfront information.
It currently takes an average of 22 weeks for customers to reach completion on their home purchase (Source: Rightmove). By contrast, those using OPDA’s data standards for digital property packs have seen time reduced from mortgage offer and purchase accepted to exchange within 15 days.
Maria Harris, chair of the OPDA, said it was vital that everyone involved in the home moving process – from consumers to conveyancers, intermediaries to lenders - has their say on the Government’s proposals.
“Buying a home shouldn't take months of uncertainty and stress. But because of outdated processes, duplication and breakdowns in communication, the house moving process now takes twice as long as it did 20 years ago.
“We believe open data and technology standards are essential for transforming the housing market and delivering proven economic benefits, and that’s why we’re working with the industry to campaign for change.
“We have a unique opportunity to deliver the type of transformational change that doesn't come along very often - let's make sure we land this one by sharing our views.”
The OPDA’s members include major lenders such as NatWest Group, HSBC, Nationwide and Lloyds Banking Group, as well as intermediaries, surveyors, conveyancers and proptech firms.
The trade body’s Property Data Trust Framework, which allows different systems to interact reliably and securely, was recently awarded £750k in grant funding from the Government’s Regulators’ Pioneer Fund.
To have your say on the home buying and selling reforms, visit the MHCLG’s online consultation portal.
