The Open Property Data Association (OPDA) has been named one of 10 finalists in the Department for Business & Trade’s Smart Data Challenge, with its proposal aiming to reshape the home buying and selling process through smarter use of digital information.

The initiative, which will see OPDA build a prototype augmented digital property pack, is being led by Ed Molyneux, co-founder and chief technology officer at Moverly and chair of OPDA’s schema working group.

Drawing on the expertise and input of its broad membership base, the project will explore how a smart property data economy could streamline the transaction process, making it more transparent and efficient for all parties involved.

SANDBOXED COLLABORATION

Member firms will collaborate within a sandbox environment created specifically for the challenge, enabling them to help design and test digital datasets and improved customer journeys throughout the property lifecycle.

Maria Harris (pictured), chair of OPDA, said: “This is a significant milestone for OPDA and a major opportunity to show how open data standards and smart technology can dramatically improve the property transaction experience. With our sector-wide collaboration and Ed’s leadership, we’re excited to co-create solutions that serve both consumers and the wider industry.”

The Smart Data Challenge is supported by the Department for Business & Trade in partnership with Challenge Works and the Open Data Institute. The programme is intended to accelerate innovation in smart data across various industries, giving consumers more control over their information while driving better market outcomes.

OPDA’s prototype is expected to be completed over the coming months, with findings made available to the wider sector in an effort to help shape the future of digital transactions in property.

The announcement follows the publication of OPDA’s new research report, The Future of Homebuying: Consumer Expectations and the Path to Digital Transformation. Based on responses from over 5,300 participants, the study reveals strong demand for innovation in the sector: 82.2% were in favour of a digital property pack, and 76.7% said they would use such tools to securely share documents and data.

OPDA’s involvement in the Smart Data Challenge marks a further step towards the digitisation of property transactions, a move increasingly seen as vital for improving the speed, clarity and security of buying and selling a home in the UK.