The Open Property Data Association (OPDA) has said a new government report strengthens the case for Smart Data reforms in homebuying after the study concluded the changes could deliver £14.1 billion in net social value and add £2.06 billion a year to UK GDP by 2043.
The report, Understanding the Costs and Benefits of Smart Data Use Cases, was published on 18 March and identified homebuying as the most economically significant Smart Data opportunity among the sectors assessed.
According to the findings, Smart Data schemes as a whole could generate £71.2 billion in net social value between 2028 and 2043, with homebuying ranked as the leading case for implementation.
ECONOMIC CASE
The OPDA said the report underlined the economic case for modernising a homebuying process that remains heavily reliant on fragmented and often duplicated information.
Maria Harris, chair of the OPDA, said: “This report confirms that Smart Data in homebuying is one of the highest value digital reforms available to the UK.
“By enabling secure, standardised and reusable property data, we can reduce delays, fall throughs and inefficiencies — and unlock billions in economic growth.
“Government now has a clear mandate to prioritise Smart Data for homebuying. With the right policy support, we can build a faster, more transparent and more resilient property market that benefits consumers and the wider economy.”
The report said Smart Data could help reduce transaction failures, improve market efficiency and lower the time and cost burden on both consumers and property professionals.
Other Smart Data use cases considered in the study included trade finance, online grocery shopping, green home upgrades and verified electricity emissions reporting for SMEs.
INDUSTRY STANDARDS
The OPDA said it is continuing work on the standards and frameworks needed to support Smart Data in homebuying, including the Open Property Data Schema and the Smart Property Data Trust Framework.
It said these are intended to support the secure and consistent reuse of property information across the transaction process.
Harris added: “Smart Data for homebuying is critical for economic growth and improving our national infrastructure. By working together, we can deliver a homebuying system that is faster, fairer and fit for the future.”
