The Open Property Data Association (OPDA) has unveiled version 3.5 of its Property Data Trust Framework (PDTF), introducing new functionality designed to boost transparency and reduce delays in property transactions.

The latest release builds on the foundations of version 3.0 and brings two key developments: the introduction of transaction milestones and the standardisation of surveys and valuations.

MILESTONES AND SURVEYS

The milestone functionality will allow critical progress updates to be shared across all parties in a transaction, offering a clearer view of the chain and reducing the need for repeated manual chasing. Key stages, such as agreeing and confirming completion dates, can now be tracked in a standardised way.

Alongside this, the addition of surveys and valuations to the framework represents what OPDA described as a crucial step for the mortgage lending journey. By standardising this data, lenders, brokers and conveyancers will be able to share and rely on verified information more easily when moving applications forward.

The enhancements follow several months of collaboration with OPDA members and industry partners, with the association stating that they further strengthen its open data toolkit. The PDTF provides a consistent way to define property attributes, verify data sources and share information with trust and provenance attached.

INDUSTRY REACTION

Ed Molyneux, co-founder and chief technology officer at Moverly and OPDA founding member, said: “Version 3.5 is another important step in making digital property transactions the norm. Milestones are a game-changer – they give everyone in a chain a clear picture of progress and reduce the endless chasing that slows deals down.

“Adding surveys and valuations brings us closer to a joined-up lending process, which will be critical for adoption at scale.”

Angela Hesketh, head of market development UK at PEXA, added: “Version 3.5 of the Property Data Trust Framework marks another significant step forward in the industry’s journey towards true digitisation. The introduction of milestones has the potential to transform transparency across the chain, giving all parties a shared view of progress and reducing inefficiencies caused by manual chasing.

“Equally, the addition of surveys and valuations is a key move towards streamlining the mortgage process, ensuring that lenders, brokers and conveyancers can rely on consistent, trusted data.”

FUTURE DEVELOPMENT

The launch comes at a pivotal time for the industry. In its recent ‘Data Standards and Interoperability’ report, the Digital Property Market Steering Group recommended closer collaboration with OPDA on the framework’s development. Work has already begun with OPDA members and the steering group on designing the next generation of the PDTF.