The Council for Licensed Conveyancers (CLC) has secured almost £750,000 in government funding to support the creation of a digital framework that could overhaul the way homes are bought and sold in the UK.
Working alongside the Open Property Data Association (OPDA) and Raidiam, the organisation behind Open Banking, the CLC aims to design the first framework for digitising property data and allowing it to be shared safely and transparently between all parties in a transaction.
The Property Data Trust Framework will bring together information from sources including HM Land Registry, local authorities and conveyancers, creating a single, trusted point of access. Early estimates suggest the initiative could cut the time, cost and risk of property transactions by as much as two-thirds.
The £742,700 grant comes from the government’s Regulators’ Pioneer Fund, which supports projects testing innovative and efficient ways of working. The year-long project will include sandbox testing of the technical systems required to meet regulatory, security and governance standards for data sharing across the property industry.
Raidiam, which helped establish Open Banking and now works with more than 1,000 banks worldwide, will lead the proof-of-concept testing, while OPDA will take charge of developing standards and coordinating collaboration across stakeholders to ensure the entire property lifecycle is represented.
Sheila Kumar (pictured), 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, added: “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.
“Now, with this funding, we can start to evidence the impact and the improvements it will bring. 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.”
Barry O’Donohoe, chief executive and co-founder of Raidiam, said: “This collaboration with OPDA and the CLC marks a major milestone for the UK’s smart data ecosystem.
“By combining regulatory leadership with industry collaboration, and by using technology as a catalyst for progress, we’re turning innovation into real world infrastructure that benefits both markets and consumers.”
The project will conclude with the publication of a final report and recommendations for smart data implementation across the property sector and the wider UK economy.
