The Home Buying Selling Group has announced that it has formed a new independent industry body following the release of the latest version of the Property Data Trust Framework.
The Open Property Data Association (OPDA) plans to revolutionise the property industry through data collaboration.
OPDA’s mission is to foster innovation, trust, and industry-wide collaboration, and to digitise the home-moving process through the power of data. The association aims to be the leading voice for open property data in the home buying and selling industry by supporting the creation and adoption of data and technology standards to create a digital, efficient, and trusted home-moving process for everyone.
OPDA will continue to work closely with the Home Buying Selling Group to help resolve the industry’s data and technology challenges and with government departments that are committed to improving the home buying process.
The forming of the association will also benefit consumers by giving them reassurance that all OPDA members will be providing trusted data while adhering to OPDA’s standards. This means that because the date is of an interoperable standard, the whole buying and selling process can be effectively speeded up.
The volunteer firms who are already using the schema to create digital upfront property packs, instructing the seller’s conveyancer on day one, and sharing the data using our open standards are seeing up to a 70-day reduction in transaction times, 80% faster for customer checks, and a significant drop in fall through rates.
The property industry has traditionally faced challenges related to data fragmentation and lack of interoperability. The Open Property Data Association will address these challenges by driving the adoption of common standards, promoting data sharing best practices, and driving innovation.
OPDA is a membership community from a broad range of firms covering all areas of property transactions including proptech start-ups, CRM and case management platforms, connectivity and integration partners, property data providers, property insight platforms, and other entities involved in property data. These firms represent the data and technology solutions across the home buying industry for consumers, estate agents, mortgage intermediaries, mortgage lenders, valuers, and conveyancers.
Maria Harris, chair of Open Property Data Association, commented: “The quality and volume of work that our volunteer group has delivered over the last two years has been nothing short of monumental so I’m thrilled to be taking us onto the next stage of our evolution. By harnessing the power of data and fostering collaboration, we have an incredible opportunity to drive innovation, improve decision-making, and create a more transparent and efficient property ecosystem.”
“Formalising the group as a trade association gives us the structure and governance we need to drive further innovation and represent our members’ interests relating to open property and technology standards with policymakers, regulators, other trade bodies, and industry stakeholders.”
Kate Faulkner OBE, chair of Home Buying Selling Group, said: “The HBSG generates some fantastic collaboration and innovation from those in the home moving process who are determined and passionate to improve the home buying and selling process. The Group has delivered exceptional work and now there is an agreed way forward, industry experts need to be able to fund progress to ensure their practical ideas can be implemented for buyers and sellers. The HBSG will continue to provide free participation to enable everyone that wishes to put forward and progress ways to solve the problems in the home buying and selling process.”
