The Open Property Data Association (OPDA) has urged the industry to engage with the government’s wide-ranging consultation into modernising the home moving process.
The government’s review, described as the most extensive examination of the housing market in a generation, sets out proposals to overhaul the way homes are bought and sold.
The Ministry of Housing, Communities and Local Government is consulting on reforms intended to cut costs, shorten transaction times and reduce the high proportion of failed sales.
Central to the plans is a new legal requirement for sellers and estate agents to provide key information up front, alongside the potential introduction of binding contracts to limit the risk of either party withdrawing late in the process.
The consultation also highlights the need for trusted data and digital tools to give consumers clearer visibility of progress and reduce administrative delays.
The 12-week consultation runs until 29 December and invites views from consumers, estate agents, conveyancers, lenders and intermediaries.
INDUSTRY URGED TO TAKE PART
The OPDA, which has long campaigned for a more transparent and data-driven system, said the sector must seize the opportunity to shape reforms that could substantially improve the moving experience.
The organisation promotes standards for the safe and secure sharing of open property data and has argued for greater clarity through upfront information.
According to Rightmove, it currently takes an average of 22 weeks for buyers to reach completion. The OPDA said the use of its data standards within digital property packs has reduced the period from mortgage offer and offer accepted to exchange to 15 days in some cases.
Maria Harris, chair of the OPDA, said it was vital for all parties involved in the home moving process to respond to the consultation.
“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 But because of outdated processes, duplication and breakdowns in communication, the house moving process now takes twice as long as it did 20 years ago.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 membership includes major lenders such as NatWest Group, HSBC, Nationwide and Lloyds Banking Group, as well as intermediaries, surveyors, conveyancers and proptech firms.
Its Property Data Trust Framework, which enables different systems to interact reliably and securely, recently received £750,000 in grant funding from the government’s Regulators’ Pioneer Fund.
