The Digital Property Market Steering Group has launched a consumer-focused video explaining how Smart Property Data could change the home buying and selling process.
The two-minute film is intended to make the concept of secure property data sharing easier for home movers to understand, with the industry body seeking to avoid the technical language that has often accompanied discussion of digital property reform.
It explains how consumers could retain control over their property information while allowing it to be shared securely with organisations involved in a transaction.
The Digital Property Market Steering Group (DPMSG) draws a comparison with Open Banking, where customers can authorise payments and data sharing through banking services. It says a similar approach to property information could help reduce duplication and delays during a transaction.
Research published by the Open Property Data Association has suggested that around half of UK home moves fall through before completion, with repeated requests for information among the issues contributing to delays and frustration.
INDUSTRY ASKED TO SUPPORT CONSUMER AWARENESS
The DPMSG is asking businesses across property and financial services, together with other industry organisations, to share the video through social media and other consumer-facing communications.
Stephen Ward, DPMSG member and director of strategy at the Council for Licensed Conveyancers, which is 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 campaign follows the publication of the government’s homebuying reform roadmap, which calls for greater digitisation, interoperability and more effective sharing of trusted property data across the transaction process.
The explainer video is available through the Digital Property Market Steering Group’s website.
