OPDA embarks upon new homebuying research project

Published on

The Open Property Data Association (OPDA) has launched a survey to discover what buyers think should be done to improve homebuying in the UK.

The survey has been issued through over 30 of its member firms including Atom bank, Inventory Base, and Kotini to cover thousands of existing and potential homebuyers. The results will form evidence for OPDA’s campaign to transform and digitise the homebuying process.

The deadline for responses is Monday 30 September. The survey takes less than 15 minutes, is open to all customers, and can be completed anonymously.

OPDA wants to find out not only what homebuyers and sellers feel about the process but how they think it should be improved. The trade association is particularly interested in how much homebuyers and sellers know about digital property information and how comfortable they would be using and sharing data.

The survey is targeted at customers who have transacted on a property over the past year or two and those who aspire to home ownership. OPDA is aiming to reach as many homebuyers as possible through members who include several of the country’s largest lenders. The research launch comes shortly after NatWest Group and HSBC joined OPDA. Nationwide announced its membership in July and Lloyds Banking Group in March.

Results and analysis will feed into a white paper that OPDA will publish and present to government and other key stakeholders later this year.

Much of the homebuying process still remains reliant on paper, duplication, multiple signatures, and manual checks. Consequently, it is taking an average of 22 weeks for customers to reach completion on their home purchase, according to 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.

Following its launch last summer, OPDA has delivered open property data standards and models for trustable and shareable data. The free and open-source tools have been created and tested in collaboration across every sector within the property industry and are now live with many of its members.

Maria Harris, chair of OPDA, said: “We’ve all heard examples of how bad the torturous and archaic homebuying experience is in this country. But we’re taking our research further by asking consumers not only what they think about the experience, but also how they feel it could be improved and about their attitudes to digital property information.

“We’d love the industry to share the survey link with their own customers to generate the biggest consumer voice possible.”

OPDA is calling on the government to deliver digitised property data at source. This includes information from the Land Registry, planning permissions, building safety, and local searches. It is also asking for more clarity for the industry on executing a fully digital homebuying market. Recently the King’s Speech proposed a Digital Information and Smart Data Bill which signalled improvements to the homebuying process through digital services.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Stamp duty countdown slows housing market despite rising prices

Britain's housing market experienced its slowest month in over a year this February as...

MorganAsh launches customer vulnerability workshops

MorganAsh has announced the launch of a new series of customer vulnerability workshops, aimed...

Just Mortgages appoints new divisional sales director

Just Mortgages has announced the appointment of Sandie Lear as divisional sales director within...

Account executive joins Howden’s south Wales team

Howden has appointed Sian England as account executive. England has been working in the corporate...

Other news

Stamp duty countdown slows housing market despite rising prices

Britain's housing market experienced its slowest month in over a year this February as...

MorganAsh launches customer vulnerability workshops

MorganAsh has announced the launch of a new series of customer vulnerability workshops, aimed...

Just Mortgages appoints new divisional sales director

Just Mortgages has announced the appointment of Sandie Lear as divisional sales director within...