The Centre for Finance, Innovation and Technology (CFIT) has unveiled a new Open Property roadmap designed to modernise the UK homebuying process using Smart Data principles, with lenders, brokers and property firms expected to play a central role in the next phase of development.
Backed by the Department for Business and Trade, the initiative aims to tackle long-standing inefficiencies across the housing transaction process, where property purchases currently take an average of 22 weeks and around 30% collapse before completion.
The roadmap sets out plans for a fully digital, interoperable and consent-driven property data framework capable of reducing duplication, improving transparency and accelerating mortgage and conveyancing timelines.
CFIT said the work represents the first major Smart Data coalition beyond traditional financial services and could become a blueprint for wider cross-sector digital transformation.
FAILED TRANSACTIONS
The coalition brings together firms across financial services, property, technology, government and regulation to address what CFIT describes as one of the UK economy’s most fragmented and paper-heavy processes.
According to the roadmap, less than 1% of the data required to complete a property transaction is currently fully digitised, with information repeatedly requested, verified and re-shared between lenders, brokers, conveyancers, valuers and estate agents.
Over half a million transactions fail each year, costing consumers approximately £560m in wasted fees.
CFIT estimates around 530,000 transactions fail each year, costing consumers approximately £560m in wasted fees and up to £950m across the wider economy.
The next phase of the project will move from strategy into live implementation, including prototype development, proof-of-concept testing and real-world Smart Data pilots across the homebuying journey.
The proposals are likely to be closely watched by mortgage lenders and intermediary firms as the industry continues investing in digital identity verification, AI-powered underwriting, open banking, property data standards and automated conveyancing systems.
SLOW AND FRAGMENTED
Anna Wallace (main picture, inset), CEO at CFIT, said: “The UK’s homebuying process is too slow, fragmented and stressful for consumers, with transactions taking months to complete and too many collapsing before completion.
“This Roadmap shows there is a clear and credible pathway to progress through smarter, more secure and interoperable use of data.”
She added that the initiative demonstrated how government, regulators and industry could work together to solve “systemic challenges that no single organisation can solve alone”.
DATA-ENABLED ECONOMY
Minister for the Digital Economy, Baroness Lloyd, said: “Today’s Open Property Roadmap marks an important step in delivering this government’s ambition for a world leading Smart Data economy.
“By bringing together industry, regulators and policymakers, CFIT has demonstrated how we can tackle complex, real-world challenges through collaboration and innovation.
“This work is not just about improving the homebuying process – it is about building the foundations of a modern, data-enabled economy.
“The coalition model pioneered by CFIT provides practical insights that can inform the government’s implementation of the UK’s Smart Data Strategy, demonstrating how policy ambition can be tested and progressed in real‑world sectors.”
The next phase of the Open Property coalition is expected to begin this summer.
